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EFCC Drops Charges Against Oba Otudeko as Business Leader’s Integrity Stands Firm

Published by Tope Fakinlede on July 23rd, 2025.

EFCC Drops Charges Against Oba Otudeko as Business Leader’s Integrity Stands Firm

The Economic and Financial Crimes Commission (EFCC) has officially withdrawn the 13-count charges previously brought against Chief Oba Otudeko, CFR, Chairman of Honeywell Group, along with three other defendants. The case, which was filed at the Federal High Court in Lagos, concerned alleged non-performing loan issues and has now been conclusively closed following proceedings that began in January 2025.

Chief Otudeko, a respected industrialist and philanthropist, has consistently maintained his confidence in Nigeria’s judicial system throughout the process. He emphasized that the matter was a commercial dispute, fully settled nearly eight years ago.

Olasumbo Abolaji, legal counsel for Honeywell Group, issued a statement highlighting the company’s continued dedication to principles of transparency, good governance, and ethical business practices. She underscored Dr. Otudeko’s impactful contributions spanning over six decades, including his notable leadership roles in banking, industry, and public service, particularly his tenure at First Bank characterized by stability and visionary stewardship.

The group described the case’s resolution as the end of a difficult chapter that never undermined their trust in Dr. Otudeko’s character or the values he embodies. Importantly, no wrongdoing was ever found or admitted. The matter, they reiterated, involved a commercial transaction already investigated and resolved by the EFCC years ago. Dr. Otudeko’s legacy of service and nation-building remains strong and untarnished.

In court earlier today, Rotimi Oyedepo, SAN, representing the EFCC, informed the judge that after a thorough review of all submissions—including those from First Bank of Nigeria and defense counsel—the Attorney General of the Federation (AGF) exercised his constitutional authority to discontinue the prosecution. Oyedepo explained that in the interest of justice, public policy, and to prevent misuse of the judicial process, the AGF decided it was no longer appropriate to continue with the case.

This withdrawal reinstates confidence among Nigeria’s financial market stakeholders, reinforcing trust in the country’s institutional safeguards and demonstrating the mechanisms in place to protect legitimate commercial transactions.