EFCC Begins Settlement Talks In Oba Otudeko’s ₦12.3 Billion Fraud Case

EFCC Begins Settlement Talks In Oba Otudeko’s ₦12.3 Billion Fraud Case

The Economic and Financial Crimes Commission (EFCC) has initiated settlement discussions in the ₦12.3 billion fraud case involving Oba Otudeko, Chairman of Honeywell Group……..READ MORE

A Federal High Court in Lagos, presided over by Justice Chukwujekwu Aneke, adjourned the case until May 8, 2025, to allow all parties to reach a possible out-of-court resolution.

Key Developments:

• Settlement Talks: The discussions were initiated by the Attorney General of the Federation and involve all parties, including First Bank of Nigeria (chaired by Femi Otedola).
• Next Steps: A follow-up meeting is scheduled for April 9, 2025, to finalize the settlement terms.
• Court Ruling: Justice Aneke deferred ruling on Otudeko’s physical appearance and rejected defense objections challenging the court’s jurisdiction.

While the defense argues that the case is a civil matter from a past banker-customer relationship, the EFCC maintains that fraudulent misrepresentation was involved in securing the loans.

The May 8 ruling will determine whether the case proceeds to trial or if a settlement is reached.