EFCC Withdraws N12.3 Billion Charge Against Honeywell Group’s Otudeko After Settlement

In a surprising turn of events, the EFCC has withdrawn its high-profile charge against Oba Otudeko, following a resolution between the parties involved. Discover how this case unfolded and what it means for the future.

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Court Dismisses EFCC’s Charge Against Otudeko

The Federal High Court in Lagos has officially dismissed the N12.3 billion fraud charge against Honeywell Group’s Chairman, Oba Otudeko, after the Economic and Financial Crimes Commission (EFCC) withdrew the case. This decision came after both parties reached an amicable settlement, marking a significant development in this high-profile case.

Behind the Settlement

EFCC’s counsel, Rotimi Oyedepo (SAN), revealed that the matter was resolved following discussions between the nominal complainant, First Bank of Nigeria, and Otudeko. The settlement was formally communicated to the Attorney General of the Federation, leading to the discontinuation of the prosecution to prevent abuse of the court process.

Reactions and Implications

Honeywell Group welcomed the court’s decision, viewing it as a vindication of Otudeko’s integrity. The group emphasized that the resolution reaffirms their commitment to ethical business practices and nation-building. This case highlights the complexities of financial disputes and the potential for resolution outside the courtroom.

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