Justice Chukwujekwu Aneke of the Federal High Court in Lagos has adjourned proceedings in the N12.3 billion fraud case involving the Chairman of Honeywell Group, Oba Otudeko, and three others to May 8, 2025, for an update on settlement discussions.
The adjournment followed an agreement by all parties to allow the Attorney General of the Federation and Minister of Justice, Lateef Fagbemi (SAN), to mediate and facilitate an amicable resolution of the matter.
Otudeko, along with a former Managing Director of First Bank Plc, Olabisi Onasanya, former Honeywell board member Soji Akintayo, and a firm, Anchorage Leisure Ltd, is facing 13 counts of obtaining money under false pretenses. The charges, filed by the Economic and Financial Crimes Commission (EFCC) under case number FHC/L/20C/2025, stem from alleged fraudulent transactions.
During Monday’s proceedings, Otudeko’s lawyer, Chief Wole Olanipekun (SAN), informed the court that all parties were working towards an out-of-court settlement and had met with the AGF on March 12, 2025. He noted that significant progress had been made and that the AGF had advised against any actions that might jeopardize the resolution process, including filing additional applications.
Olanipekun further stated that another meeting with the AGF had been scheduled for April 9, 2025, and requested the court to adjourn the case for a settlement report.
However, EFCC prosecutor Bilikisu Buhari opposed the request for an adjournment solely for the settlement report, urging the court to also recognize that the next hearing was meant for the arraignment of the defendants.
In response, Olanipekun emphasized the AGF’s role in mediating the settlement and the importance of maintaining the status quo to avoid undermining the resolution process. Other defense counsel, including Adeyinka Olumide-Fusika (SAN) for Onasanya, Kehinde Ogunwumiju (SAN) for Akintayo, and Dr. Charles Adeogun-Philips (SAN) for Anchorage Leisure Ltd, supported the settlement discussions.
After reviewing the submissions, Justice Aneke granted the request and adjourned the case to May 8, 2025, for an update on the settlement progress.
Earlier in the proceedings, the judge dismissed the defendants’ request to hear their preliminary objection before their arraignment, citing Section 396(2) of the Administration of Criminal Justice Act.
“It is now a settled principle of law that a defendant’s plea must be taken before any other application. Any preliminary objection to the validity of a charge can only be heard after the plea is taken,” Justice Aneke ruled.
The EFCC alleges that the defendants fraudulently obtained N12.3 billion through multiple transactions between 2013 and 2014 in Lagos, including sums of N5.2 billion, N6.2 billion, N6.1 billion, N1.5 billion, and N500 million. They are also accused of falsifying documents to deceive the bank.
The charges, according to the EFCC, violate Section 8(a) of the Advance Fee Fraud and Other Fraud-Related Offences Act 2006, as well as Sections 15(2), 15(3), and 18(c) of the Money Laundering (Prohibition) Act, 2011.
