A Federal High Court 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.
Justice Aneke noted that the court will defer its ruling until all parties submit a settlement report.
The adjournment followed a request by Chief Wole Olanipekun (SAN), counsel for the first defendant, who informed the court that settlement talks are in progress.
The discussions, initiated by the Attorney General of the Federation, Lateef Fagbemi (SAN) involve all parties, including First Bank of Nigeria — the nominal complainant — chaired by Femi Otedola. The negotiations aim to resolve the alleged N12.3 billion fraud case amicably.
On February 13, it was re- ported that the Economic and Financial Crimes Commission (EFCC) had opposed an application filed by Oba Otudeko, challenging the jurisdiction of the Federal High Court, Ikoyi, Lagos, to hear multiple fraud charges against him.
Justice Aneke, presiding over the case, adjourned ruling on the application till March 17, 2025.
Otudeko, along with former First Bank Plc Managing Director Olabisi Onasanya, former Honeywell board member Soji Akintayo, and Anchorage Leisure Limited, is facing a 13-count charge of obtaining N12.3 billion by false pretence.
During the court session on Monday, March 17, 2025, Olanipekun informed the court that a meeting held on March 12, under the supervision of the Attorney General, resulted in all parties agreeing to explore an out-of-court settlement. He added that the Attorney General had requested that no further legal actions be initiated during the negotiation period to facilitate progress.
A follow-up meeting has been scheduled for April 9 to finalise the settlement terms. Bilikisu Buhari, the prosecution counsel representing the EFCC, acknowledged the ongoing settlement discussions but requested that the court set a date for either a settlement report or arraignment in case the negotiations break down.
However, the defence counsel opposed fixing an arraignment date, stressing the importance of allowing the settlement talks to proceed without interference.
After considering arguments from both sides, Justice Aneke adjourned the case until May 8.
The judge also rejected preliminary objections from the defence seeking to halt proceedings, ruling that jurisdictional challenges could not prevent the trial from advancing at this stage under criminal law.
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