A Federal High Court sitting in Ikoyi, Lagos, presided over by Justice Chukwujekwu Aneke, has adjourned the case involving Oba Otudeko, Chairman of Honeywell Group, and others until May 8, 2025.
Notably, Oba Otudeko has not been required to appear physically, as the judge explained that the court will defer its ruling until a settlement report has been provided by all parties.
The court granted the adjournment following a request by Chief Wole Olanipekun (SAN), representing the first defendant, who informed the court that settlement discussions were underway. These talks, initiated at the instance of the Attorney General of the Federation, involve all parties, including First Bank of Nigeria (the nominal complainant), chaired by Femi Otedola. The discussions aim to resolve the alleged ₦12.3 billion fraud case amicably.
Chief Olanipekun revealed that a meeting held on March 12 under the Attorney General’s supervision saw all parties agree to pursue an out-of-court settlement. He also explained that the attorney-general requested that no further legal processes be filed during this period to allow for progress in the negotiations. A follow-up meeting has been scheduled for April 9 to finalise settlement terms.
The prosecution counsel, Bilikisu Buhari, representing the Economic and Financial Crimes Commission (EFCC), confirmed her awareness of the settlement talks but requested that a date be fixed for either a settlement report or arraignment should negotiations fail. However, defense counsel argued against scheduling an arraignment date, emphasising the need to prioritize ongoing discussions.
After hearing submissions from both sides, Justice Aneke agreed to adjourn the case until May 8. The judge also dismissed preliminary objections raised by the defense seeking to halt proceedings, affirming that jurisdictional challenges could not prevent the trial from progressing at this stage under criminal law.
At previous hearings, defense counsel maintained that the case arose from a civil banker-customer relationship resolved over eight years ago and should not be treated as a criminal matter. They argued that payments had been made in full and that EFCC’s involvement in the resolution process further supported their stance.
The EFCC disputed these claims, alleging that fraudulent misrepresentations were made to secure loans totalling ₦12.3 billion between 2013 and 2014.
Justice Aneke’s ruling on May 8 will determine whether the case proceeds to trial or if an out-of-court settlement is reached. Until then, all parties remain engaged in efforts to resolve the matter amicably.