Babatunji Wusu –
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The Federal High Court in Lagos struck out the 13-count charge against Oba Otudeko, former Chairman of First Bank of Nigeria (FBN), following EFCC’s withdrawal of the case.
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The Economic and Financial Crimes Commission (EFCC) initially charged Otudeko, former FBN MD Bisi Onasanya, former Honeywell board member Soji Akintayo, and Anchorage Leisure Ltd with defrauding First Bank of substantial sums between 2013 and 2014.
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EFCC Counsel Rotimi Oyedepo informed the court that after a thorough review and settlement involving the Attorney General of the Federation (AGF) and correspondence from First Bank, all disputed funds have been fully recovered and returned to the bank’s treasury.
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Pursuant to Section 180 of the Administration of Criminal Justice Act (ACJA), the AGF directed the withdrawal of the charges to prevent abuse of court process.
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Defence lawyers confirmed the full repayment of alleged loans and supported the withdrawal, leading Justice Chukwujekwu Aneke to strike out the charges on July 23, 2025.
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The case was resolved amicably following settlement talks supervised by the AGF, with no admissions of wrongdoing by the defendants.
The Federal High Court in Lagos on Wednesday, July 23, 2025, dismissed the 13-count fraud charges filed by the EFCC against Chief Oba Otudeko and co-defendants after the commission withdrew the case. The charges accused the defendants of fraudulently obtaining several billions of naira from First Bank through fictitious transactions between 2013 and 2014.
EFCC counsel Rotimi Oyedepo explained that a careful reconsideration of the allegations, coupled with evidence that the disputed depositor funds had been fully recovered and returned to First Bank’s treasury, prompted the AGF to instruct the discontinuation of the prosecution pursuant to the Administration of Criminal Justice Act.
Prominent defence counsels, including Bode Olanipekun (SAN) for Otudeko, Adeyinka Olumide-Fusika (SAN), and Kehinde Ogunwumiju (SAN), confirmed the financial restitution and offered no opposition to the motion for withdrawal. After hearing this, Justice Aneke formally struck out the charges.
The resolution followed extensive settlement discussions under the supervision of the AGF, involving all parties including First Bank, whose letters dated July 16 and July 21, 2025, confirmed the conclusion of the matter. The withdrawal marks the closure of a high-profile legal saga without any finding or admission of guilt, reaffirming the integrity of the defendants.
