Connect with us

Crime

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

Published

on

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“First Bank, the nominal complainant, has formally withdrawn its complaint.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

See also  Leave before visa expires, UK warns foreign students

He stated that a follow-up letter on July 21, 2025, reaffirmed the bank’s position and requested that the charge be withdrawn.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

See also  Delta teenager visiting friend shot dead in Lagos

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.

 

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Crime

Hoodlums rape Lagos sexagenarian to death

Published

on

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.

See also  FG plans 500 CNG stations to cut petrol use

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.

See also  Police arraign NURTW chieftain for alleged m#rder

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.

punch.ng

FOLLOW US ON:

FACEBOOK

TWITTER

PINTEREST

TIKTOK

YOUTUBE

LINKEDIN

INSTAGRAM

Continue Reading

Crime

Supporter shot dead during Lagos APC primary election

Published

on

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.

See also  Police nab two suspected vandals at accident scene in Akwa Ibom 

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.

punch.ng

FOLLOW US ON:

FACEBOOK

TWITTER

PINTEREST

TIKTOK

YOUTUBE

LINKEDIN

INSTAGRAM

Continue Reading

Crime

Influencer Blessing CEO remanded over N36m fraud

Published

on

The Economic and Financial Crimes Commission on Friday said a Federal High Court in Ikoyi, Lagos, had remanded social media influencer, Okoro Nkiruka, popularly known as Blessing CEO, in its custody over an alleged N36m fraud.

In a statement obtained by Saturday PUNCH, the commission said the defendant was arraigned by its Lagos Zonal Directorate 1 before Justice D.I. Dipeolu on a two-count charge bordering on obtaining money by false pretence and stealing.

According to the EFCC, the defendant pleaded not guilty to the charges when they were read to her.

The commission stated that during the proceedings, defence counsel, P.I. Nwafor, informed the court that the defendant had refunded N24m to the nominal complainant and sought a short adjournment to allow both parties resolve the outstanding balance.

“We have an application to make. The defendant approached the nominal complainant and refunded N24m out of the N36m.

“We are asking for a short adjournment to resolve the outstanding balance. The nominal complainant agreed that if the balance is paid, they can prevail on the EFCC to drop the case,” said the statement.

However, prosecution counsel, S.I. Suleiman, told the court that the Federal Government was the complainant in the matter and that the prosecution was not aware of any arrangement between the defendant and the petitioner.

The statement noted that the court held that any discussion between the defendant and the nominal complainant would not affect the proceedings and directed that the defendant takes her plea.

The EFCC in the statement says “One of the counts alleged that the defendant, between July 14 and 17, 2024, obtained N36 million from one Ifeyinwa Nonye Okoye under the false pretence of leasing a six-bedroom detached duplex in Lekki, Lagos, which representation she allegedly knew to be false.

See also  13 Super Eagles players arrive camp for World Cup qualifiers

“Another count, according to the commission, accused her of fraudulently converting the said sum to personal use,”.

Following her plea, the prosecution applied for a trial date and prayed the court to remand the defendant in a correctional facility pending trial.

Defence counsel, however, urged the court to remand her in EFCC custody, noting that she had just been served with the charges and was still perfecting her bail application.

Justice Dipeolu granted the request and ordered that the defendant be remanded in EFCC custody.

The case was adjourned till June 5, 2026, for commencement of trial, the statement added.

punch.ng

FOLLOW US ON:

FACEBOOK

TWITTER

PINTEREST

TIKTOK

YOUTUBE

LINKEDIN

INSTAGRAM

Continue Reading

Trending