‎The federal High Court in Lagos, has struck out an alleged N12.3 fraud charge against the Chairman of the Honeywell Group, Oba Otudeko, as well as a former Managing Director of First Bank Plc, Olabisi Onasanya and two others.
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‎This follows an amicable settlement reached among the nominal complainant (first bank) and the defendants upon the Intervention of the attorney general of the Federation.
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‎The EFCC had earlier filed the 13-count charge against oba Otudeko, bisi Onasanya, as well as a former board member of Honeywell, Soji Akintayo and a firm, Anchorage Leisure Ltd,
‎ accusing them of obtaining N12.3 billion, N5.2 billion, N6.2 billion, N6.1 billion, and N1.5 billion — from First Bank under the pretence that the funds were obtained by some firms.
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‎But, on Wednesday, lead counsel for The Economic and Financial Crimes Commission (EFCC), Rotimi oyedepo (SAN) told justice chukwujekwu aneke that  the  Attorney general of the Federation, kateef fagbemi san who convened the settlement talks had decided to withdraw the charges, after a thorough review of the various allegations and various correspondence from the bank that the depositors’ funds which is the subject of the charge have been fully recovered and returned to its treasury.
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‎He added that by a letter dated 21st July 2025, First bank formally communicated its decision to no longer pursue the allegations against the Defendants. and that the AGF considered it appropriate on grounds of justice, public policy, and to prevent abuse of legal process to withdraw the charge subject to Section 108 of the Administration of Criminal Justice Act (ACJA) 2015,
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‎Counsel for the first defendant, Bode Olanipekun (SAN) also confirmed to the court that the funds which is the alleged loan have been fully paid back.
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‎Adeyinka Olumide-Fusika, SAN, appearing for the 2nd defendant, on his part, told the judge that they attended the first meeting with the AGF and were told that the issue was strictly between the nominal complainant and the 1st Defendant. There was no objections to the withdrawal of the charge by the other counsel
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‎Accordingly, the court struck out the charge.
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‎Speaking to journalists after the hearing, the Media Advisor to the second defendant, Michael Osunniyi, said his principal demonstrated his innocence by voluntarily presenting himself to the court at each sitting to prove that he had nothing to hide.
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‎He added that Mr Onasanya, who retired voluntarily as FirstBank Group managing Director in 2015 said the case had been particularly painful because of the attempted damage to his legacy.
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‎“Dr Onasanya’s reputation is everything to him. He built a name in banking and corporate governance through dedication, discipline, professionalism and integrity. That’s why he didn’t run. That’s why he always came to court to defend his name and to uphold the values he has always believed in. Let it be known that Dr Onasanya will continue to defend himself where necessary and will not succumb to the antics of mischief makers who target him in the advancement of their aggrandisement,” Mr Osunnuyi said.
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