Court Adjourns N12.3bn Fraud Case Against Oba Otudeko, Others to June 11 Amid Ongoing Settlement Talks

A Federal High Court in Lagos has adjourned proceedings in the alleged ₦12.3 billion fraud case involving Honeywell Group chairman, Oba Otudeko, and others to June 11, allowing more time for ongoing settlement negotiations between the parties.

Justice Chukwujekwu Aneke postponed the case on Thursday, following an update from lead defence counsel Bode Olanipekun (SAN), who informed the court that discussions between both sides remained active and had not broken down.

At the last sitting on March 17, senior lawyer Wole Olanipekun (SAN) told the court that all parties had met on the directive of the Attorney General of the Federation in a bid to resolve the matter out of court.

Prosecuting counsel Bilikisu Buhari also confirmed the position but requested that the matter be adjourned for either a formal settlement report or arraignment.

The Economic and Financial Crimes Commission (EFCC) had in January 2025 filed a 13-count charge against Otudeko, former First Bank Managing Director Olabisi Onasanya, ex-Honeywell board member Soji Akintayo, and a company, Anchorage Leisure Ltd., in case number FHC/L/20C/2025.

The anti-graft agency alleged that the defendants fraudulently obtained ₦12.3 billion from First Bank between 2013 and 2014 under false pretences.

The planned arraignment on January 20 was stalled during a previous hearing after the defendants claimed they had not been served with the charges.

Justice Aneke later granted the EFCC’s application for substituted service following failed attempts to reach the accused at their known addresses.

The matter will now resume on June 11 for a potential arraignment or to receive an update on the outcome of the settlement efforts.