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Court strikes out N12.3bn fraud case against Otudeko after settlement

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The Federal High Court in Lagos has struck out the N12.3bn fraud charge filed by the Economic and Financial Crimes Commission against the Chairman of Honeywell Group, Dr. Oba Otudeko, and three others, after the anti-graft agency formally withdrew the case on Wednesday.

The EFCC had in suit No. FHC/L/20C/2025, filed 13-count charges against Otudeko, former First Bank Managing Director Olabisi Onasanya, former Honeywell board member Soji Akintayo, and Anchorage Leisure Limited.

The defendants were accused of conspiring to fraudulently obtain N12.3bn from First Bank of Nigeria under the guise of credit facilities for V-TECH Dynamic Links Ltd. and Stallion Nigeria Ltd.

At Wednesday’s proceedings, EFCC counsel, Rotimi Oyedepo, told Justice Chukwujekwu Aneke
that the matter had been amicably resolved between the nominal complainant, First Bank, and the first defendant, Otudeko.

Oyedepo said, “The parties have reached a full and final settlement.

“First Bank, the nominal complainant, has formally withdrawn its complaint. The funds at the heart of the matter have been fully repaid, and there is no further interest in pursuing the charge.

“In the interest of justice and to prevent abuse of the court process, the Attorney General of the Federation, having reviewed the facts and the full recovery of the disputed funds, decided to discontinue the prosecution.”

According to Oyedepo, following applications for settlement by the defence, the AGF convened a meeting involving all stakeholders.

This led to a formal resolution communicated via a July 16, 2025, letter from First Bank and another from Otudeko’s counsel confirming the settlement.

He stated that a follow-up letter on July 21, 2025, reaffirmed the bank’s position and requested that the charge be withdrawn.

Otudeko’s counsel, Bode Olanipekun, informed the court that “all issues leading to the institution of this charge have been completely resolved.”

Other defence lawyers Adeyinka Olumide-Fusika, SAN (for Onasanya), Tunde Afe Babalola (for Akintayo), and Dr. Charles Adeogun-Phillips (for Anchorage Leisure Ltd.) confirmed the amicable settlement.

After hearing the submissions, Justice Aneke ruled, “In view of the application by the prosecution and the confirmation by the defence, this case is hereby struck out.”

In a statement following the court’s ruling, signed by its General Counsel, Olasumbo Abolaji, welcomed the development, describing it as a reaffirmation of Dr. Otudeko’s integrity.

Abolaji said, “Honeywell Group confirms that the legal proceedings initiated by the EFCC against our Chairman, Dr. Oba Otudeko, CFR, in connection with matters relating to First Holdco Plc, have been formally withdrawn.

“This development marks the closure of a chapter that, while challenging, never diminished our confidence in Dr. Otudeko’s integrity or our belief in the principles that have guided his life and leadership.

“At no point was there any finding or admission of wrongdoing, and this conclusion further affirms what we have always maintained that this was a commercial transaction, investigated by the EFCC and resolved eight years ago.

“Dr. Otudeko’s service, enterprise, and nation-building record stand firm and unblemished. For over six decades, he has contributed significantly to Nigeria’s economic and institutional development, including distinguished tenures across banking, industry, and public service. His leadership of First Bank was marked by stability, stewardship, and strategic vision.”

The group reaffirmed its commitment to creating value through enterprise in food, energy, infrastructure, and financial services.

“As we move forward, we do so strengthened by experience, focused on the future, and anchored in the enduring values that have always shaped our journey,” the statement added.

 

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Crime

PHOTOS: 14 children ‘trafficked from Adamawa and sold for N800,000 each in Anambra’ are rescued

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10 hours ago

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August 21, 2025

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14 children trafficked from Adamawa State and sold in Anambra State for amounts ranging from N800,000 to N1.7 million have been rescued by Adamawa State Government.

On Wednesday, August 20, the Adamawa State government reunited the rescued children with their parents at a ceremony in Yola, the Adamawa state capital.

Speaking during the ceremony, Kaletapwa George Farauta, Adamawa deputy governor, said after numerous reports of missing children in July, the government set up a joint operation with security agencies to unravel the situation.

Farauta said the operation led to the arrest of one Ngozi Abdulwahab, a suspected trafficking kingpin, who operates a small provision shop in Jambutu Ward, Yola north LGA.

The deputy governor said the suspect reportedly used snacks and gifts to lure children between the ages of 4-9 before trafficking them to Anambra.

14 children ?trafficked from Adamawa and sold for N800,000 each in Anambra? are rescued

“It is a mixed feeling of sadness and joy, it is sad that today, Adamawa is on the map of an unfortunate monster ravaging the nation, the monster of child trafficking,” she said.

“This is a story we often hear happening far away, but unfortunately, it has caught up with us.

“This notorious trafficker has perfected the art of trafficking minors aged four to nine years from various communities in Adamawa to the south-eastern region of Nigeria.

“There, she sold the victims for paltry sums ranging from N800,000 to N1.7 million per child.

“She operated from a small provision shop which she owned at Jambutu ward, Yola-North LGA, where she used snacks and gifts to lure unsuspecting children.

“Today, we have rescued 14 children and rehabilitated them.”

The deputy governor said the suspects would be prosecuted under the Trafficking in Persons (Prohibition) Enforcement and Administration Act 2015, Adamawa Child Protection Law (2008), the Violence Against Persons (Prohibition) Law 2021, and the Penal Code of the state.

She added that the family of each rescued child would receive N100,000, food, and non-food items.

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PHOTOS: Nigeria deports 51 foreigners jailed for cyberterrorism and internet fraud

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10 hours ago

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August 21, 2025

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The Nigerian Immigration Service on Thursday, August 21, deported 50 additional foreign nationals convicted and sentenced for cyber-terrorism and internet fraud by the Federal High Court in Lagos.

The convicted foreigners were part of the 192 Chinese and Philippine nationals arrested by the Economic and Financial Crimes Commission (EFCC) in December 2024.

The repatriated foreign nationals include 50 Chinese and one Tunisian. This brings the total of deported convicts to 102 in the ongoing exercise that commenced on Friday, August 15, 2025.

The anti-graft agency had claimed that before the raid, the cybercrime syndicate had a large-scale operation involving cyber fraud and Ponzi schemes.

The charges against the convicts included using false identities online to defraud victims, training Genting International Co. Limited employees in fraudulent practices, and other offences under the Advance Fee Fraud and Other Related Offences Act of 2006.

The anti-graft agency had stated that these charges reflect serious crimes aimed at undermining Nigeria’s security and financial integrity through cybercrime and fraud.

EFCC Chairman, Ola Olukoyede has described the convictions and deportations as a significant milestone in Nigeria’s fight against cybercrime and financial fraud.

He reiterated the Commission’s commitment to intensifying investigations, recovering looted funds, and restoring national dignity in line with President Bola Tinubu’s anti-corruption agenda.

See more photos of the ex-convicts being deported below

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Crime

20 trafficked Ghanaians found in Akwa Ibom

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1 day ago

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August 21, 2025

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Twenty Ghanaian nationals suspected to be victims of human trafficking have been rescued from a compound in Uyo, Akwa Ibom State. The victims, comprising 10 men and 10 women, were freed during a joint operation by the Akwa Ibom State Police Command, the Ghana Police Service, and INTERPOL.

Police Public Relations Officer, DSP Timfon John, who disclosed this in a statement on Wednesday, August 20, said the raid followed a formal request for assistance from Ghanaian authorities. “On August 18, 2025, operatives of the Command successfully rescued 20 Ghanaians trafficked to Uyo, Akwa Ibom State,” she said.

Acting on credible intelligence, security operatives stormed a fenced building located in Obio Etoi, Uyo Local Government Area, at about 4:17 p.m. on Monday, August 18. “The raid led to the rescue of 10 males and 10 females (names withheld), all confirmed to be Ghanaian nationals. The victims presently appear disoriented and have been unable to provide useful information, leading investigators to suspect they may have been hypnotised,” the statement read.

DSP John added that investigation is ongoing and assured that further updates will be made public in due course.

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