Otudeko, Co-Defendants Pursue Settlement in Alleged N12.3bn Fraud Case

Chief Oba Otudeko, Chairman of Honeywell Group, alongside former First Bank Managing Director Olabisi Onasanya and others, are engaging in settlement talks over an alleged N12.3 billion fraud case.

The discussions are being supervised by the Attorney General of the Federation.

Otudeko’s counsel, Chief Wole Olanipekun (SAN), informed Justice Chukwujekwu Aneke of the Federal High Court, Lagos, that negotiations were in progress. The EFCC had filed a 13-count charge against the defendants, accusing them of fraudulent activities between 2013 and 2014, including false loan applications and alleged misuse of funds linked to Anchorage Leisure Ltd.

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After Justice Aneke ruled that the defendants’ pleas must be taken before any preliminary objections are addressed, Olanipekun disclosed that all parties, including the prosecution, had met under the Attorney General’s oversight on March 12. He requested an adjournment to report on the settlement, a motion supported by the defence team. The court adjourned the case to May 8, 2025, for further updates.

The allegations, including breaches of money laundering and banking regulations, remain unproven, and the defendants are presumed innocent until found guilty.