EFCC gave a motive for withdrawing the fees in opposition to Oba Otudeko
The Federal High Court in Ikoyi, Lagos, on Wednesday struck out the N12.3 billion fraud cost filed by the Economic and Financial Crimes Commission (EFCC) in opposition to the Chairman of Honeywell Group, Oba Otudeko, following the withdrawal of the case by the anti-graft company.
Delivering the ruling, the trial choose, Chukwujekwu Aneke, gave the order after EFCC lawyer, Rotimi Oyedepo, who’s a Senior Advocate of Nigeria (SAN), knowledgeable the courtroom that the matter had been amicably resolved between the nominal complainant, First Bank of Nigeria, and the primary defendant, Mr Otudeko.
The EFCC had filed a 13-count in opposition to Mr Otudeko; a former Managing Director of First Bank, Olabisi Onasanya; a former Honeywell board member, Soji Akintayo; and a agency, Anchorage Leisure Limited.
The defendants had been accused of fraudulently acquiring N12.3 billion from First Bank by misrepresenting the funds as credit score amenities requested by V-Tech Dynamic Links Ltd. and Stallion Nigeria Ltd between 2013 and 2014.
At Wednesday’s proceedings, Mr Otudeko’s lawyer, Bode Olanipekun, additionally a SAN, instructed the courtroom that every one points resulting in the cost had been resolved.
Mr Oyedepo, representing the EFCC, confirmed this and mentioned the decision was formally communicated to the Attorney General of the Federation (AGF).
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He referenced a letter dated 16 July during which First Bank formally withdrew its grievance and a follow-up letter on 21 July reiterating that the events had totally resolved their variations.
Mr Oyedepo added that Mr Otudeko had refunded the disputed funds to First Bank.
“In the interest of justice and to prevent abuse of the court process, the Attorney General has decided to discontinue the prosecution,” Mr Oyedepo submitted, citing Section 180 of the Administration of Criminal Justice Act (ACJA).
Other defence attorneys— Adeyinka Olumide-Fusika, SAN (for Mr Onasanya); Tunde Babalola, SAN (for Mr Akintayo); and Charles Adeogun-Phillips, SAN (for Anchorage Leisure Ltd.)—confirmed the amicable settlement of the matter.
Mr Aneke subsequently struck out the case.
Honeywell welcomes withdrawal
Following the courtroom’s ruling, the Honeywell Group, in an announcement signed by its General Counsel, Olasumbo Abolaji, welcomed the event and described it as a reaffirmation of Mr Otudeko’s integrity.
“Honeywell Group confirms that the legal proceedings initiated by the EFCC against our Chairman, Dr. Oba Otudeko, CFR, in connection with matters relating to First Holdco Plc, have been formally withdrawn,” the assertion learn.
“At no point was there any finding or admission of wrongdoing, and this conclusion further affirms what we have always maintained — that this was a commercial transaction, investigated by the EFCC and resolved eight years ago,” it added.
The Group talked about Mr Otudeko’s six-decade-long contribution to Nigeria’s financial system, banking, and public service, and reaffirmed its dedication to worth creation in meals, vitality, infrastructure, and {financial} companies.
Background
The case had a prolonged authorized historical past. The EFCC initially filed the fees in January, accusing the defendants of conspiring to fraudulently acquire credit score amenities beneath false pretences.
The cost alleged that solid paperwork, together with letters of software purportedly from V-Tech Dynamic Links Ltd, had been offered to First Bank to safe the funds.
In depend 13 of the cost particularly alleged that Otudeko, whereas serving as Chairman of First Bank Plc, did not declare a private curiosity in a mortgage facility price N6.15 billion allegedly sought by V-Tech Dynamic Links Ltd.
The case first got here up for arraignment on 20 January, however the defendants had been absent. Their counsel argued that they had been unaware of the cost till it appeared within the media.
The courtroom then ordered substituted service of the cost.
Subsequent courtroom appearances had been marked by preliminary objections from defence attorneys, who challenged the jurisdiction of the courtroom and sought to quash the cost.
The EFCC, nonetheless, insisted that the arraignment should proceed earlier than any objections may very well be heard.
Mr Otudeko’s lawyer later knowledgeable the courtroom that the defendant was beneath medical overview within the UK and unable to look bodily. Meanwhile, negotiations for settlement progressed behind the scenes.
By 8 May, the courtroom had adjourned the case for a “report on settlement and/or arraignment” primarily based on updates from each the defence and prosecution.
On March 17, it was disclosed that the Attorney General of the Federation had convened conferences with events concerned, aiming for peaceable decision.
Ultimately, the matter was resolved out of courtroom, paving the way in which for the case to be struck out on 23 July.
The improvement got here on the heels of the choice by Mr Otudeko and Oye Hassan-Odukale – two of the highest shareholders of First HoldCo Plc – to dump their stakes within the {financial} companies group final week, easing the trail for Femi Otedola, its chair and largest shareholder, to agency up his holding within the entity.
A complete of 10.43 billion shares, equal to just about 25 per cent of the group’s excellent shares, had been traded off-market in 17 negotiated offers on 16 July at N31.
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