A Federal High Court sitting in Lagos has adjourned the alleged ₦12.3 billion fraud case involving prominent businessman and Chairman of the Honeywell Group, Oba Otudeko, till June 11, 2025, to allow parties conclude ongoing settlement discussions.
Justice Chukwujekwu Aneke granted the adjournment after counsels representing both the prosecution and defence confirmed that talks aimed at resolving the matter out of court were still in progress and had not broken down.
The Economic and Financial Crimes Commission (EFCC) had brought a 13-count charge against Oba Otudeko and three others — former Managing Director of First Bank of Nigeria, Mr. Olabisi Onasanya; a former board member of Honeywell Group, Mr. Soji Akintayo; and Anchorage Leisure Limited, a firm allegedly used in the transaction. The charges border on conspiracy, fraudulent conversion, and obtaining by false pretence.
The EFCC alleges that the defendants fraudulently obtained the sum of ₦12.3 billion from First Bank of Nigeria using companies under Honeywell Group between 2006 and 2008. The transactions were said to involve the use of shell companies and irregular credit facilities, which allegedly caused significant financial losses to the bank.
At the resumed hearing on Thursday, lead defence counsel, Mr. Bode Olanipekun, SAN, informed the court that meetings brokered by the Attorney-General of the Federation were still ongoing and productive. He requested more time to finalise discussions.
EFCC counsel, Mrs. Bilikisu Buhari-Bala, did not oppose the request. She confirmed that the commission was actively participating in the settlement process and would await the outcome before taking the next procedural steps.
Justice Aneke, while adjourning the matter to June 11, noted that the court would proceed with the arraignment should the settlement talks collapse.
This is not the first time the proceedings have been delayed. The case was initially slated for arraignment in January but was stalled due to reported issues around the service of charges on the defendants.
As the court reconvenes next month, attention will turn to whether the high-profile dispute can be resolved amicably or if a full trial will proceed, marking a significant legal showdown involving one of Nigeria’s most influential business figures.
