EFCC withdraws charges against Oba Otudeko

 

The Economic and Financial Crimes Commission (EFCC) has officially withdrawn the 13-count charge filed at the Federal High Court in Lagos against Chief Oba Otudeko, along with three others

The withdrawal marks the end of legal proceedings initiated in January 2025 over alleged non-performing loan transactions. Otudeko, a prominent industrialist and philanthropist, had consistently maintained that the matter was civil in nature and had been fully resolved eight years ago.

In a statement issued by Honeywell Group’s legal counsel, Olasumbo Abolaji, the company reiterated its commitment to transparency, corporate responsibility, 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 statement read.

Honeywell Group further noted that the outcome reaffirms Otudeko’s integrity, stating:

“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 Wednesday’s hearing, EFCC counsel Rotimi Oyedepo, SAN, told the court that the Attorney General of the Federation had, after reviewing all submissions from involved parties — including First Bank of Nigeria and the defence — opted to discontinue the prosecution in the interest of justice and public policy.

Citing a need to prevent abuse of judicial process and promote the public good, Oyedepo conveyed the AGF’s decision to withdraw the case.

Justice Chukwujekwu Aneke subsequently struck out the charges on Wednesday, July 23, 2025.

The EFCC’s decision brings a sense of certainty to stakeholders in Nigeria’s financial markets and reinforces confidence in institutional safeguards governing commercial activities.