In a major development that has drawn attention across Nigeria’s business landscape, the Economic and Financial Crimes Commission (EFCC) has officially withdrawn its 13-count charge against Chief Oba Otudeko and three others.
The case, which stemmed from a non-performing loan dispute, was brought before the Federal High Court in Lagos but has now been struck out, bringing legal proceedings to an end.
The EFCC had initially filed the case in January 2025, alleging financial misconduct related to a resolved civil matter. However, Otudeko, a revered industrialist and philanthropist, consistently insisted that the case was purely commercial and had been amicably resolved eight years ago.
In a statement released by Olasumbo Abolaji, legal counsel for Honeywell Group, the company expressed relief at the outcome and reaffirmed its commitment to corporate responsibility, transparency, and ethical leadership.
“Dr. Otudeko has for over six decades contributed immensely to Nigeria’s economic and institutional growth, serving with distinction in banking, industry, and public service. His tenure at First Bank was defined by vision, stability, and responsible stewardship.”
The company further emphasized that the EFCC’s decision vindicates Otudeko, reaffirming what they have long maintained:
“The development brings closure to a difficult chapter that never shook our belief in Dr. Otudeko’s character or values. At no point was there any finding or admission of wrongdoing, and this conclusion confirms what we have always asserted — that this was a commercial matter, investigated and resolved long ago.”
During the hearing on Wednesday, July 23, 2025, EFCC’s lead counsel, Rotimi Oyedepo (SAN), informed the court that the Attorney General of the Federation had reviewed all submissions, including those from First Bank of Nigeria and the defense team, and decided to discontinue the case in the interest of justice and public policy.
Citing the importance of avoiding abuse of judicial process and preserving public confidence, Oyedepo officially communicated the AGF’s directive to withdraw the prosecution.
Justice Chukwujekwu Aneke subsequently struck out the case, formally ending the proceedings.
The EFCC’s decision has been welcomed by many stakeholders, particularly within Nigeria’s financial and corporate sectors, as it brings clarity and closure to a matter that had raised concerns over regulatory overreach in commercial disputes.
Observers see the ruling as a boost to investor confidence and a reaffirmation of the rule of law in resolving business-related conflicts in Nigeria.
