Court Strikes Out N19bn Fraud Charges Against Otudeko, Onasanya
The Federal High Court in Lagos on Wednesday struck out the N19.55bn fraud charges against renowned businessman, Chief Oba Otudeko, and former First Bank Managing Director, Olabisi Onasanya.
Justice Chukwujekwu Aneke gave the order after the anti-graft agency formally withdrew the 13-count charge, citing a settlement agreement between the parties.
Otudeko, Onasanya, former Honeywell Group board member, Soji Akintayo, and Anchorage Leisure Ltd had been accused of participating in a series of alleged fraudulent transactions involving sums of N5.2bn, N6.2bn, N6.15bn, N1.5bn, and N500m between 2013 and 2014.
At the resumed proceedings on Wednesday, EFCC counsel, Rotimi Oyedepo, told the court that the alleged funds had been fully refunded to the nominal complainant, First Bank of Nigeria Plc, prompting the Attorney General of the Federation (AGF) to direct the discontinuation of the case.
“In the interest of justice and to avoid abuse of judicial process, the AGF has resolved to discontinue this prosecution,” Oyedepo submitted.
He explained that following the filing of the charge, defence lawyers approached the Attorney General with a proposal for amicable settlement. According to him, this led to meetings with all stakeholders, culminating in First Bank’s formal withdrawal of its complaint.
In a letter dated July 16, 2025, First Bank confirmed that the matter had been resolved. A follow-up letter dated July 21 reiterated that the funds had been recovered and requested that the case not be pursued further.
Defence counsels and Senior Advocates of Nigeria, Bode Olanipekun, Kehinde Ogunwumiju and Adeyinka Olumide-Fusika, did not oppose the application, confirming that the parties had indeed settled.
Following their submissions, Justice Aneke struck out the charge and dismissed the case.
Court Strikes Out N19bn Fraud Charges Against Otudeko, Onasanya is first published on The Whistler Newspaper
