Prominent businessman Oba Otudeko and six other individuals are negotiating a settlement with Nigeria’s anti-graft agency, the Economic and Financial Crimes Commission (EFCC), over an alleged ₦12.3 billion fraud involving Honeywell Group and Ecobank. The settlement discussions are taking place under the supervision of the Office of the Attorney General of the Federation (AGF).
The case, which was filed at the Federal High Court in Lagos, involves a seven-count charge of alleged fraudulent diversion of ₦12.3 billion. The charges, brought by the EFCC, name Otudeko and six others—Sherifat Otudeko, Obafunke Otudeko, Doyin Akinyanju, Biola Tiamiyu, Honeywell Group Limited, and Anchorage Leisures Limited—as defendants.
During the latest hearing on Monday, March 18, EFCC counsel Rotimi Oyedepo, SAN, informed Justice Kehinde Ogundare that both parties had initiated talks for an out-of-court resolution.
“My Lord, the defendants, through their counsel, approached the Commission to explore the possibility of a resolution, and in the interest of justice and what the Commission represents, we have obliged them. We have had meetings in respect of that, and the process is being supervised by the Office of the Attorney General of the Federation,” Oyedepo said.
While details of the negotiation remain confidential, the parties have requested that the matter be put on hold to allow the talks to progress. Justice Ogundare has subsequently adjourned the case to April 29, 2025, for a report on the outcome of the settlement discussions.
The EFCC had initially filed the charge on October 12, 2023, with charges centering on allegations that the defendants conspired to fraudulently withdraw ₦12.3 billion from accounts belonging to Honeywell Group at Ecobank Nigeria Limited. The prosecution claims the transactions were executed with fraudulent intent and in violation of court orders.
Although the charges were filed in 2023, the defendants were only formally arraigned in February 2024. All the accused have pleaded not guilty and are currently out on bail.
The case draws renewed attention to the EFCC’s evolving stance on negotiated settlements in high-profile financial crimes, particularly with the growing involvement of the Attorney General’s office in supervising such agreements.
As one of Nigeria’s most prominent businessmen and former Chairman of First Bank of Nigeria, Oba Otudeko’s involvement in the matter has generated considerable public interest.
If the ongoing settlement talks yield an agreement, it could mark a significant development in how corporate financial crimes are resolved in Nigeria—potentially sparing both the state and the defendants a lengthy legal battle while prioritizing restitution.
