The Chairman of Honeywell Group, Chief Oba Otudeko, a former Managing Director of First Bank, Olabisi Onasanya and others are discussing “settlement” in an alleged N12.3 billion fraud case under the supervision of the Office of the Attorney General of the Federation.
Otudeko’s counsel, Chief Wole Olanipekun, (SAN), informed Justice Chukwujekwu Aneke of the Federal High Court Lagos on Monday that “parties were exploring a settlement”, in the case filed by the Economic and Financial Crimes Commission (EFCC), as reported by NAN.
Nairametrics previously reported that the EFCC’s suit is against Otudeko, Onasanya, a former board member of Honeywell Flour Mills Plc, Soji Akintayo, and a company allegedly linked to Otudeko, Anchorage Leisure Ltd, in the case marked FHC/L/20C/2025.
EFCC Allegations
The EFCC had accused the defendants, in a 13-count criminal charge, of fraudulently obtaining N12.3 billion from First Bank through various transactions between 2013 and 2014.
According to the charges previously reported by Nairametrics, the defendants allegedly secured N6.2 billion in credit facilities from First Bank Limited under the pretext of loans applied for and disbursed to Stallion Nigeria Limited.
(Nairametrics)
