EFCC withdraws case against Oba Otudeko, affirms no wrongdoing

The Economic and Financial Crimes Commission (EFCC) has withdrawn its 13-count charge against Chief Oba Otudeko, CFR, Chairman of the Honeywell Group, and three other defendants, formally bringing to an end the high-profile proceedings before the Federal High Court in Lagos.

The charges, which stemmed from alleged non-performing loan transactions, were initially filed in January 2025.

This development comes against the backdrop of the recent sale of shares in First Bank of Nigeria Holdings Plc, which had reignited public interest in the long-standing commercial dispute involving Honeywell Group and First Bank. Industry observers note that with the EFCC’s withdrawal of the case, the cloud of uncertainty surrounding the bank’s shareholding structure and corporate governance has now been lifted.

Chief Otudeko has  maintained that the dispute was civil in nature and had been fully resolved eight years ago.

In a statement issued by Olasumbo Abolaji, counsel to Honeywell Group, the company reiterated its commitment to transparency, corporate responsibility, and ethical business practices.

“Dr. Otudeko’s record of over six decades in banking, industry, and public service remains unblemished,” Abolaji said. “His leadership at First Bank was defined by stability, strategic vision, and stewardship. This development closes a chapter that, while challenging, never shook our confidence in his integrity.”

The statement also noted that there was never any finding or admission of wrongdoing in the matter, which was thoroughly reviewed by both regulatory and investigative bodies.

During Tuesday’s proceedings, Rotimi Oyedepo, SAN, representing the EFCC, informed the court that following a comprehensive review of submissions from all relevant parties—including First Bank of Nigeria, the complainant, and the defence counsel—the Attorney-General of the Federation (AGF) decided to discontinue the prosecution.

Mr. Oyedepo said the decision was based on the overriding interest of justice, public policy, and the need to avoid abuse of judicial process, stressing that pursuing the matter further would no longer serve the public interest.

The withdrawal of the case is expected to restore confidence among stakeholders in Nigeria’s financial sector, particularly in the wake of the strategic repositioning of First Bank and recent market activity involving its shares. Financial analysts say the development reaffirms the institutional mechanisms protecting commercial transactions and the credibility of Nigeria’s judicial and regulatory framework.