The ongoing legal proceedings concerning the alleged N12.3 billion fraud involving prominent Nigerian businessman, Oba Otudeko, and other defendants have been adjourned as the parties involved seek to explore an out-of-court settlement.
The case, which has attracted widespread attention due to the high-profile nature of the individuals involved, was initially set to proceed in court today. However, in a new development, the defense team representing Oba Otudeko, along with the co-defendants, filed a motion requesting more time to pursue amicable negotiations aimed at resolving the dispute outside of the courtroom.
The alleged fraud revolves around claims of financial misconduct that have been brought against Otudeko and several other prominent figures in the business and banking sectors. The sum in question, N12.3 billion, is said to have been misappropriated in transactions involving key corporate entities.
A statement issued by the legal representatives of Oba Otudeko expressed confidence that the matter would be resolved in a manner that is fair and equitable to all parties involved. "Oba Otudeko has always been committed to ensuring that justice is served and that all financial matters are conducted transparently and ethically," the statement read. "We believe that an out-of-court settlement will allow for an expedient and fair resolution to the issue at hand."
The judge presiding over the case, Justice Adebayo Olumide, granted the request for adjournment, with the next hearing scheduled for a later date. He also urged the parties involved to continue discussions with the aim of reaching a settlement before the next session in court.
Legal experts note that out-of-court settlements are often sought in complex financial cases such as this one, as they can save time, resources, and reduce the risk of prolonged legal battles. However, any such settlement would need to be agreed upon by all parties and would be subject to the approval of the court.