The Federal High Court in Ikoyi, Lagos, on Thursday, May 8, 2025, adjourned the case involving the Chairman of Honeywell Group, Oba Otudeko, and others to June 11, 2025, for a report on settlement or possible arraignment in connection with an alleged N12.3 billion fraud.
Presiding judge, Justice Chukwujekwu Aneke, granted the adjournment following submissions by both defence and prosecution counsels indicating ongoing settlement discussions.
Otudeko is to be arraigned alongside former First Bank Plc Managing Director, Olabisi Onasanya; former Honeywell board member, Soji Akintayo; and the firm Anchorage Leisure Limited on a 13-count charge bordering on obtaining money by false pretence to the tune of N12.3 billion. The charges were filed by the Lagos Directorate 1 of the Economic and Financial Crimes Commission (EFCC).
At the previous hearing on March 17, 2025, Otudeko’s counsel, Wole Olanipekun, SAN, informed the court that negotiations toward an amicable resolution were underway at the instance of the Attorney General of the Federation (AGF). He noted that a meeting involving all parties had been scheduled for April 9, 2025, to advance settlement discussions.
At the resumed sitting on Thursday, lead defence counsel, Bode Olanipekun, SAN, updated the court that negotiations were ongoing but had not yet been concluded. Prosecution counsel, Bilkisu Buhari-Bala, confirmed the status and requested an adjournment to allow parties to finalize talks or proceed with arraignment.
Justice Aneke subsequently adjourned proceedings to June 11, 2025, for either a report on the outcome of the settlement efforts or the arraignment of the defendants.
