In a significant development, the Federal High Court sitting in Ikoyi, Lagos, has officially struck out the ₦12.3 billion fraud case involving renowned industrialist and Chairman of Honeywell Group, Oba Otudeko, along with former First Bank Managing Director, Olabisi Onasanya, Soji Akintayo, and Anchorage Leisure Limited.
The court’s decision came after the Economic and Financial Crimes Commission (EFCC) formally withdrew its 13-count charge against the defendants, citing a review of the case and the decision to discontinue prosecution.
Presiding over the matter, Justice Chukwujekwu Aneke granted the EFCC’s application to discontinue the trial, noting that the withdrawal aligned with Section 108 of the Administration of Criminal Justice Act (ACJA), which allows the prosecution to drop charges at any stage before judgment is delivered.
The defendants were initially accused of fraudulently obtaining ₦12.3 billion from First Bank of Nigeria through alleged manipulation of credit facilities and false representations between 2013 and 2014. The EFCC had alleged that the funds were secured without proper due process and used for purposes not disclosed to the bank.
The case had lingered for months amid repeated adjournments, legal arguments over court jurisdiction, and reported moves toward an out-of-court resolution. The EFCC’s latest move to withdraw the charges has brought the matter to a formal close.
Legal representatives of the defendants welcomed the court’s decision, describing it as a vindication of their clients’ integrity and a triumph of due process.
“We have maintained from the onset that the allegations lacked merit. This outcome reaffirms our confidence in the judiciary and the principle of fairness under Nigerian law,” a defense counsel stated outside the courtroom.
Officials from the EFCC said the withdrawal was based on a reassessment of the evidence and wider considerations regarding the public interest and prosecutorial discretion.
This development brings an end to a highly publicized legal battle involving one of Nigeria’s most prominent business figures and top banking executives. It also underscores the growing trend of alternative dispute resolutions and prosecutorial reviews in complex financial cases.