The Federal High Court in Lagos has adjourned the alleged N12.3 billion fraud case involving Honeywell Group Chairman, Oba Otudeko, and three others until May 8, 2025, to allow for a possible out-of-court settlement.
The adjournment follows an agreement by all parties to allow the Attorney-General of the Federation (AGF) and Minister of Justice, Lateef Fagbemi (SAN), to mediate in the dispute and facilitate an amicable resolution.
Otudeko, along with former First Bank Managing Director Olabisi Onasanya, former Honeywell board member Soji Akintayo, and Anchorage Leisure Ltd, is facing 13 counts of fraud brought by the Economic and Financial Crimes Commission (EFCC).
The case, initially scheduled for arraignment on January 20, 2025, was delayed due to claims that the defendants had not been served with the charges. On February 13, 2025, the defence argued that the court must first hear their preliminary objection before proceeding with the case. However, Justice Chukwujekwu Aneke ruled that the defendants must be arraigned before any objections to the court’s jurisdiction could be considered.
During the latest hearing, Otudeko’s lawyer, Chief Wole Olanipekun (SAN), informed the court that on March 12, 2025, all parties met with the AGF to explore a settlement outside court.
He revealed that substantial progress had been made and that the AGF directed all parties to avoid actions that could disrupt the negotiation, including filing additional applications. A follow-up meeting with the AGF is scheduled for April 9, 2025, in Abuja.
While the EFCC’s prosecutor, Bilikisu Buhari, opposed the adjournment solely for a settlement report—insisting that the defendants should also be arraigned at the next hearing—Olanipekun maintained that the AGF was actively mediating the discussions.
Other defence lawyers, including Kehinde Ogunwumiju (SAN), Olumide Fusika (SAN), and Dr. Charles Adeogun-Philips (SAN), along with First Bank’s counsel, Babajide Koku (SAN), confirmed their participation in the settlement talks and supported the adjournment.
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After considering the submissions, Justice Aneke adjourned the case to May 8, 2025, for a report on the settlement progress.
