EFCC Withdraws Charges Against Honeywell Chairman Oba Otudeko

The Economic and Financial Crimes Commission (EFCC) has formally withdrawn the 13-count charge filed against Chief Oba Otudeko, Chairman of Honeywell Group, and three others at the Federal High Court in Lagos.

The decision brings to a close legal proceedings that began in January 2025 over allegations related to non-performing loan transactions.

Otudeko, a respected industrialist and philanthropist, has consistently maintained that the case was civil in nature and had been fully resolved as far back as eight years ago. He had also expressed confidence in the integrity of Nigeria’s judicial system.

In a statement, Honeywell Group’s counsel, Olasumbo Abolaji, reaffirmed the company’s commitment to corporate integrity and good governance.
“Dr. Otudeko has for over six decades contributed to Nigeria’s economic and institutional development, including distinguished tenures across banking, industry, and public service,” she said. “His leadership of First Bank was defined by stability, stewardship, and strategic vision.”

The group added that the withdrawal of the case marked the end of a difficult chapter, but one that never shook their faith in Otudeko’s character or values.
“At no point was there any finding or admission of wrongdoing, and this conclusion further affirms what we have always maintained: this was a commercial transaction, investigated and resolved eight years ago.”

At the court session on Wednesday, July 23, 2025, EFCC counsel Rotimi Oyedepo, SAN, informed Justice Chukwujekwu Aneke that the Attorney General of the Federation had reviewed submissions from all parties, including First Bank of Nigeria and defence lawyers, and exercised his constitutional powers to discontinue the prosecution.

Oyedepo explained that the AGF acted in the interest of justice and public policy and to prevent abuse of judicial process.

Justice Aneke, in a brief ruling, struck out the charges against Otudeko.

The move has been welcomed as a positive signal to stakeholders in Nigeria’s financial markets, reinforcing trust in legal institutions and commercial dispute resolution mechanisms.