Table of Contents
Key Points
- Nigeria’s EFCC withdrew its $8 million fraud case against Oba Otudeko after reaching a full settlement approved by the Attorney-General.
- A Lagos Federal High Court dismissed all charges tied to Otudeko and First Holdco, ending a long-standing legal dispute.
- Honeywell praised the court decision, reaffirming Otudeko’s integrity and stating the matter was a commercial issue resolved years ago.
A Federal High Court sitting in Lagos has struck out the N12.3 billion ($8 million) fraud case brought against Nigerian businessman Oba Otudeko. The charges, tied to matters involving First Holdco Plc, were withdrawn by the Economic and Financial Crimes Commission (EFCC).
EFCC drops case against Otudeko
According to court filings, Justice Chukwujekwu Aneke dismissed the case following a notice of discontinuance from the EFCC. The Commission informed the court that the parties had reached a full settlement and that the Office of the Attorney-General of the Federation had approved the decision to drop the case.
Those previously listed in the charge included Otudeko, who chairs the Honeywell Group, and Olabisi Onasanya, former Managing Director of First Bank.
Honeywell hails end of court case
Reacting to the ruling, Honeywell Group described the development as the end of a difficult chapter. “At no point was there any finding or admission of wrongdoing,” the company said in a statement. “This conclusion reaffirms what we’ve always maintained — that it was a commercial transaction, thoroughly investigated and resolved over eight years ago.”
The company emphasized that the legal proceedings never shook its belief in Otudeko’s integrity. “His record of service, enterprise, and commitment to building institutions remains intact,” the statement added.
Honeywell Group, whose operations span food, energy, infrastructure, and financial services, noted it remains focused on its broader mission of creating value through enterprise.
The group credited Otudeko with playing a key role in shaping Nigeria’s economy over the past six decades through leadership roles in banking, industry, and public service. As chairman of First Bank, he was widely seen as a steadying force, guiding the institution with strategic focus.
Oba Otudeko moves beyond banking
The court ruling comes just a week after Otudeko formally exited First Holdco Plc, the parent company of First Bank, in a major off-market transaction. On July 16, 2025, an investment vehicle known as RC Investments Ltd acquired 10.43 billion shares, roughly 25 percent of the company, for N323.33 billion ($211.4 million) in a series of negotiated deals.
The transaction marked the end of Otudeko’s long-standing involvement in the 130-year-old institution. His firm, Barbican Capital, had come under scrutiny in recent years, including an attempt by Ecobank to seize shares over alleged unpaid debts. Otudeko was removed as chairman of First Holdco in 2021 and has since focused on other ventures, including the Oba Otudeko Foundation and his leadership at Honeywell.
