Justice Chukwujekwu Aneke of the Federal High Court in Lagos on Wednesday struck out fraud charges filed against prominent businessman, Chief Oba Otudeko, and former Managing Director of First Bank of Nigeria, Olabisi Onasanya, by the Economic and Financial Crimes Commission (EFCC).
The 13-count charge was dismissed after the EFCC formally withdrew it, following an out-of-court settlement between all parties involved.
Counsel to the EFCC, Rotimi Oyedepo, informed the court that the disputed funds had been fully repaid to the nominal complainant, First Bank Plc. Defence lawyers—Bode Olanipekun (SAN), Kehinde Ogunwumiju (SAN), and Adeyinka Olumide-Fusika (SAN)—confirmed the development and raised no objections to the withdrawal.
The EFCC had initially charged Otudeko, Onasanya, former Honeywell board member Soji Akintayo, and a company, Anchorage Leisure Ltd, over alleged fraudulent transactions amounting to N5.2 billion, N6.2 billion, N6.15 billion, N1.5 billion, and N500 million, carried out between 2013 and 2014 in Lagos.
During the resumed hearing, Oyedepo stated that the dispute had been resolved amicably and that the resolution had been communicated to the Attorney General of the Federation, Lateef Fagbemi (SAN), with supporting documentation, confirming that Otudeko had fully repaid the funds in question.
“In the interest of justice and to prevent abuse of the court process, the Attorney General has decided to discontinue the prosecution,” Oyedepo said.
The lawyer further stated that after the charge was filed, the AGF received applications from the defence proposing an amicable resolution. This led to the AGF convening a meeting with all parties.
He said, “In a letter dated July 16, 2025, First Bank formally withdrew its complaint, confirming that the matter had been settled. On the same date, Otudeko’s counsel also wrote to the AGF affirming the settlement. A follow-up letter from First Bank on July 21 reiterated that the parties had resolved their differences and requested that the charge not be pursued.
“Upon thorough review of the allegations, and considering that the depositor funds involved in the charge have been fully recovered and returned to First Bank’s treasury, the AGF decided—under Section 180 of the ACJA—to withdraw the charge,” Oyedepo submitted.
