Court Clears Oba Otudeko of $8 Million Fraud

A Federal High Court in Lagos has cleared Nigerian businessman Oba Otudeko of all fraud charges in a case involving $8 million.

The case, which was brought by Nigeria’s anti-corruption agency, the EFCC, has now officially ended after both sides reached a full settlement. The court confirmed that the Attorney-General approved the decision to drop the case.

Oba Otudeko, who is the chairman of Honeywell Group and former chairman of First Bank’s parent company, First Holdco, was one of the people named in the case. Also listed was Olabisi Onasanya, a former managing director of First Bank.

The charges were linked to business dealings involving First Holdco. However, Honeywell Group has always said it was a commercial matter that had been settled many years ago.

In a statement, Honeywell said, “At no time was there any proof that Otudeko did anything wrong. We’re happy the case is now over.”

The company also praised Otudeko’s long record in Nigeria’s business world. They said he has always shown good leadership and played a strong role in building many important companies in the country.

Just last week, Otudeko sold all his shares in First Holdco in a deal worth over $200 million. This move ended his involvement with the bank, which began many years ago.

Now, with the fraud case closed and his exit from First Holdco complete, Otudeko is focusing fully on Honeywell and his foundation.