A Federal High Court sitting in Ikoyi, Lagos, has postponed its ruling on whether Oba Otudeko, Chairman of Honeywell Group, will be required to appear in court, following ongoing settlement talks in the alleged ₦12.3 billion fraud case involving Otudeko and others. Justice Chukwujekwu Aneke, who presided over the case, announced that a ruling would be deferred until May 8, 2025, to allow for the continuation of discussions between the parties involved.
Oba Otudeko, who has been at the center of the case, is not required to appear physically in court at this time. The judge explained that a decision on his court appearance would only be made after the settlement talks have been concluded and a report on their progress is presented to the court.
The case, which involves Otudeko and several other parties, was adjourned following a request from Chief Wole Olanipekun (SAN), who represents the first defendant. Olanipekun informed the court that settlement discussions had been initiated, and all parties involved were actively pursuing an out-of-court resolution. These discussions, which were set in motion by the Attorney General of the Federation, are aimed at settling the dispute amicably, without the need for a full trial.
The nominal complainant in the case is First Bank of Nigeria, chaired by businessman Femi Otedola. The dispute involves allegations of fraudulent activity relating to loans totaling ₦12.3 billion, which were allegedly misrepresented during the years 2013 and 2014. The case has attracted significant public attention, given the high-profile nature of the individuals involved, including Otudeko, a prominent Nigerian businessman and traditional ruler.
Chief Olanipekun further revealed that a key meeting took place on March 12, 2025, under the supervision of the Attorney General’s office. During this meeting, all parties reportedly agreed to work towards an out-of-court settlement. The Attorney General of the Federation has asked that no additional legal processes be filed during the settlement period, to allow for meaningful negotiations.
A follow-up meeting has been scheduled for April 9, 2025, to finalize the terms of the settlement. This meeting will serve as a critical moment in the case, as it will determine whether a resolution can be reached or if the matter will proceed to a full trial.
Bilikisu Buhari, the prosecution counsel representing the Economic and Financial Crimes Commission (EFCC), acknowledged that settlement talks were ongoing but requested that the court set a date for either a settlement report or for the arraignment of the defendants if the negotiations fail. However, the defense counsel argued against scheduling a trial date at this point, emphasizing the importance of allowing the settlement discussions to take priority.
After hearing arguments from both sides, Justice Aneke ruled to adjourn the case until May 8, 2025, for a final determination. The judge also dismissed preliminary objections raised by the defense, which sought to halt the proceedings, affirming that challenges regarding the court’s jurisdiction would not prevent the trial from continuing under criminal law.
In earlier hearings, defense lawyers had argued that the case was not a criminal matter but rather a civil dispute arising from a banker-customer relationship, which they claimed had been resolved over eight years ago. They maintained that all payments related to the loans had been made in full and that the involvement of the EFCC in the case further complicated the resolution process. The defense contended that the matter had already been addressed and should not be treated as a criminal case.
However, the EFCC strongly disputed these claims, alleging that fraudulent misrepresentations were made to secure the loans. According to the EFCC, Otudeko and his associates misrepresented information to obtain the ₦12.3 billion loan from First Bank, and these actions warranted criminal investigation and prosecution.
The EFCC’s position has been that the issue is one of fraudulent conduct, not merely a financial dispute between a bank and its customer. The anti-corruption agency has accused Otudeko and others involved in the case of using false information to secure loans, thus defrauding the bank and the Nigerian public.
As the case moves forward, all eyes are on the court’s final decision regarding the settlement talks. If a resolution is reached before the next court date in May, it could bring an end to the high-profile case. However, if the settlement discussions fail, the case will proceed to trial, and a more detailed investigation into the allegations of fraud will likely follow.
The outcome of this case is being closely monitored, not only because of the prominent individuals involved but also because of the broader implications it could have for business practices and legal accountability in Nigeria. The case also highlights the ongoing efforts by the EFCC to tackle financial crimes, especially those involving large-scale fraud, which remain a key focus of the Nigerian government’s anti-corruption agenda.
Meanwhile, the court’s decision to adjourn until May 8, 2025, provides the parties ample time to reach an agreement. It remains to be seen whether an out-of-court settlement will be reached or if the case will go to trial. For now, both the EFCC and the defense are focused on finding a resolution that will bring closure to this complex and high-stakes matter.
The legal proceedings involving Oba Otudeko are set to continue to draw attention as they progress. With influential figures like Femi Otedola and the Attorney General of the Federation involved, the case has become one of the most significant financial fraud cases in recent times, underscoring the importance of transparency and accountability in Nigeria’s financial systems.
