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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“First Bank, the nominal complainant, has formally withdrawn its complaint.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.

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He stated that a follow-up letter on July 21, 2025, reaffirmed the bank’s position and requested that the charge be withdrawn.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

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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

Bandits behead abducted Oyo teacher

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One of the kidnapped teachers of Community High School, Ahoro-Esinele in Oriire Local Government Area of Oyo State, Michael Oyedokun, has been killed.

Oyedokun was beheaded in a new video allegedly released by bandits on Sunday.

The video obtained by our correspondent on Telegram on Monday showed that the teacher was gruesomely killed after being tied and forced to speak.

The viral inhumane video has raised fresh concerns over the safety of the remaining victims.

This latest development has thrown the community into mourning as residents, families of the victims and native continue to call on security agencies and the Oyo State Government to intensify rescue operations to secure the release of those still in captivity before being killed.

Confirming the killing of the teacher, Dr Suleimon Olanrewaju, the Special Adviser on Media to Governor Seyi Makinde, in a statement on Monday, said the governor extended his condolences to the victim’s family and assured his government would explore both kinetic and non-kinetic approaches to rescue others in the kidnappers’ den.

He also added that about six suspects related to the kidnapping incident have been arrested.

He equally sympathised with the family members of the tactical team of soldiers, Amotekun Corps and local vigilantes, who lost their lives in the rescue operation.

According to him, the operatives lost their lives when they ran into Improvised Explosive Devices (IEDs), planted by the abductors.

He stated that the wounded security personnel were responding positively to treatment and that the government would spare no cost in taking care of them.

He appealed to the victims’ relatives, religious bodies and other interested parties to exercise patience, promising that the government will rescue and reunite the victims with their families.

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“So, please, there may not be quick fixes, but we will continue to endeavour to push ourselves to the limit to resolve this quickly.

“What we know right now is that seven teachers in all were abducted. And, unfortunately, we got a video this morning that one of the teachers, I understand, the mathematics teacher, was killed by the terrorists,” he stated.

Makinde, however, said the government has achieved some success with the operation, with some individuals already arrested in connection with the situation.

“Well, from the information available from the Commissioner of Police, about six individuals have been arrested within the locality.

“Some of them, we believe, are perhaps informants or people running logistics for the terrorists.

“Also, three individuals of interest have been arrested by another security outfit within the state,” he said.

PUNCH Online reports that the gunmen invaded the school on Friday, May 15, and abducted the principal, alongside other teachers and several students.

The attack, which happened some weeks after a failed kidnap attempt that left one traveler dead along the Ibadan-Ijebu road, has renewed concerns over rising insecurity in parts of Oyo State and across Nigeria.

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Crime

Hoodlums rape Lagos sexagenarian to death

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Residents of Oke Egan in the Ilogbo-Eremi area of Badagry, Lagos State, were thrown into shock on Friday after the body of a sexagenarian woman, Victoria Adegoke, was found abandoned in a nearby bush.

PUNCH Metro learnt from community sources on Sunday that the deceased was allegedly found naked and was suspected of having been raped and strangled before her body was dragged into the bush.

One of the photographs obtained by PUNCH Metro on Sunday showed what appeared to be marks indicating that the victim’s hands had been tied by her assailants.

A community leader, who spoke on condition of anonymity because of the sensitivity of the incident, said Adegoke, believed to be in her 60s and a grandmother, was found around 6:10am on Friday.

He told our correspondent that the deceased had attended a programme at The Joy of Christ Ministry, popularly known as Ayo Jesu Church.

According to the source, Adegoke was allegedly ambushed by some hoodlums while returning home in the early hours of the day.

“The deceased is someone I know. Her daughter stays abroad. She went to church last Tuesday and had been there for some time because they were holding a programme that ended four days ago.

“She later stayed with one of her siblings who lives close to the church. It was while she was returning home around six in the morning that she was reportedly attacked.

“The suspects removed her clothes and underwear. They strangled her and also took her phone. Her ATM card and Bible were found at the scene,” the source said.

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Another resident who identified himself only as Adeola described the incident as shocking, questioning why an elderly woman would be subjected to such brutality.

“She should be between 65 and 68 years old. Passersby found her body inside the bush and reported the matter at the police post in Ilogbo-Eremi.

“The police are aware of the incident and should be able to track the assailants through the woman’s stolen phone,” the resident said.

A community member, who also requested anonymity for fear of attack, described the area of the incident as notorious for violent crimes.

“The community is along the boundary between Lagos and Ogun states and is known for criminal activities. This is not the first time such a crime has happened here.

In fact, this would be about the fourth such incident reported in the area.

“The place is prone to violence, so people have to be careful. She was a grandmother, not a young woman. She was found naked, and it was when the police arrived that her body was covered. Her pants had been removed, which suggested she was raped,” the source added.

When contacted on Sunday, the spokesperson for the Lagos State Police Command, CSP Abimbola Adebisi, did not respond to calls or a WhatsApp message sent to his line at the time of this report.

This is not the first time a disturbing incident has been reported in Badagry. In November 2025, the corpse of an unidentified man was discovered in front of a filling station in the Seme area of the town.

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The discovery was first reported by CityMood Badagry, a local social media news platform.

The deceased was found lying face-up, wearing what appeared to be a white top with black stripes, with parts of his chest and neck visibly exposed.

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Supporter shot dead during Lagos APC primary election

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A yet-to-be-identified man was shot dead while several others sustained injuries during a violent clash that erupted at the All Progressives Congress (APC) primary election in the Ikotun area of Lagos State on Saturday.

PUNCH Metro learnt  on Sunday that the incident occurred during the party’s primary election held at a primary school in the Ile-Iwe, Egbe area of the community.

The APC on Saturday conducted primary elections for aspirants vying for seats in the House of Representatives across the country.

It was gathered that the exercise was ongoing peacefully before an argument allegedly broke out among rival supporters at the venue. This was said to have led to chaos and violence.

A resident familiar with the incident, who asked not to be identified for security reasons told our correspondent on Sunday that gunshots later rang out during the disruption.

The resident said, “The primary held in a primary school at the Ile-Iwe area of Ikotun Egbe. The exercise was ongoing when an argument suddenly broke out among some supporters.

“The situation later degenerated and people started running for safety. In the process, gunshots were heard and one person was hit. Some others were also injured during the confusion.”

Another resident, who identified himself simply as Taofeek, said the violence disrupted activities in the area as other supporters and delegates fled for fear of further attacks.

“We suddenly started hearing people shouting and running. Everybody became confused because nobody initially knew what was happening.

“After the gunshots, people started jumping fences and hiding in nearby houses. It was later that we heard that one person was killed while others sustained injuries,” Taofeek disclosed.

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He further explained that the injured victim was rushed out of the venue but later died on the way to the hospital.

“The victim was rushed out after he was shot, but we learnt he later died. It created serious tension around the venue because many people were afraid,” he added.

A police source in the area told PUNCH Metro that additional security operatives were drafted to the scene of the incident before normalcy was restored.

“The moment the situation became violent, our men called for backup and the DPO and Area Commander moved to the venue to restore peace,” the police source said.

The police source, however, did not confirm if any arrest had been made.

Efforts to reach the spokesperson for the Nigeria Police Force in Lagos State, Abimbola Adebisi, were unsuccessful as calls and messages sent to his telephone line were not responded to.

Party officials were yet to issue an official statement regarding the incident as of press time.

Electoral and political violence have remained recurring concerns in Nigeria, particularly during party primaries, elections and rerun polls, with clashes among rival supporters often resulting in injuries, deaths and destruction of property.

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