₦airaland Forum

The Economic and Financial Crimes Commission (EFCC) has formally withdrawn the 13-count charge filed before the Federal High Court in Lagos against Chief Oba Otudeko, CFR, Chairman of Honeywell Group, and three other defendants. This marks a decisive conclusion to proceedings initiated in January 2025 regarding alleged non-performing loan transactions.

The foremost industrialist and philanthropist has long expressed confidence in the robustness of Nigeria’s judicial system, asserting from the outset that the matter was civil in nature and had been fully resolved eight years ago.

In a statement by Olasumbo Abolaji, Counsel to Honeywell Group, she reaffirmed the company’s unwavering commitment to good governance, transparency, and responsible corporate conduct. “Dr. Otudeko has for over six decades contributed to Nigeria’s economic and institutional development, including distinguished tenures across banking, industry, and public service. His leadership of First Bank was defined by stability, stewardship, and strategic vision.”

According to the group, “the development marks the closure of a chapter that, while challenging, never diminished our confidence in Dr. Otudeko’s integrity or our belief in the principles that have guided his life and leadership. 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, which was investigated by the EFCC and resolved eight years ago. Dr. Otudeko’s record of service, enterprise, and nation-building stands firm and unblemished.”

During the proceeding earlier today, Rotimi Oyedepo, SAN, appearing on behalf of EFCC, informed the court that following a comprehensive review of the representations submitted by all relevant parties, including those from the complainant, First Bank of Nigeria, and the defence counsel, the Honourable Attorney General of the Federation (AGF) has exercised his constitutional discretion to discontinue the prosecution.

Citing the overriding interest of justice, public policy, and the need to forestall abuse of judicial process, Mr. Oyedepo stated that the Attorney-General of the Federation concluded that it was no longer in the public interest to pursue the matter.

The case withdrawal by the agency restores certainty to stakeholders across Nigeria’s financial markets, reinforcing confidence in institutional processes and highlighting the institutional checks that protect commercial engagements.

Qtsnow:
https://www.thecable.ng/just-in-efcc-withdraws-fraud-charges-against-otudeko/

chisomkachy:
The Economic and Financial Crimes Commission (EFCC) has withdrawn the alleged money laundering suit it filed at the Federal High Court against Lagos Speaker Mudashiru Ajayi Obasa.

Naija News understands that the anti-graft did not give any particular reason for its application for withdrawal.

Following the application to withdraw, Justice Nicholas Oweibo discharged the ‘lien/Post No Debit’ placed on Obasa’s three accounts in Standard Chartered Bank.

The accounts are (US Dollars) 0001852063; (Current) 0001852056 and (Saving) 5002309624.

The judge also set aside the ex-parte orders he made on September 15, 2020, which led to the freezing of the accounts.

Recall that the court on September 15, 2020, granted an interim order freezing Obasa’s accounts following the EFCC’s application in a suit marked FHC/LCS/1064/2020.

The agency had said it was investigating the Speaker for the alleged offences of conspiracy, diversion of funds, abuse of office and money laundering.

But Justice Oweibo, on August 16, 2023, heard the application to unfreeze the accounts in his chamber.

During the hearing, the EFCC was represented by Mr. Sulaiman I. Sulaiman, while Obasa was represented by Mr. Adeyinka Olumide-Fusika (SAN).

The EFCC lawyer told the court that the application to unfreeze the accounts was pursuant to Section 44(2)(K) of the 1999 Constitution (as amended) and Sections 26, 29 and 34 (1) of the EFCC (Establishment) Act, 2004, and under the court’s inherent jurisdiction.

Section 44 of the Constitution concerns constitutional rights to property.

Justice Oweibo held: “It is hereby ordered that an order is hereby granted to the respondent/applicant setting aside the ex-parte orders of this court made on the 15th day of September 2020 upon the ex-parte motion of the Applicant/ Respondent in relation the funds of the Respondent/Applicant domiciled in the accounts stated in the following schedule:

“ACCOUNT NAME, FINANCIAL ACCOUNT INSTITUTIONS, TYPE OF ACCOUNT, 1. Mudasiru Ajayi Obasa, Standard Chartered, (US Dollars) 0001852063 2. Mudasiru Ajayi Obasa, Standard Chartered (Current) 0001852056 3. Mudashiru Ajayi Obasa, Standard Chartered (Saving) 5002309624.

“Issued at Lagos, under the seal of this Honourable Court and by the hands of the Presiding Judge this 16th day of August 2023.”

https://dailytimesng.com/obasa-efcc-withdraws-suit/

Previous Threads:
https://www.nairaland.com/5877642/obasa-64-bank-accounts-linked#89878603

https://wap.nairaland.com/6167844/lagos-assembly-speaker-obasa-efcc#94728150

https://www.nairaland.com/6168612/obasa-court-orders-efcc-freeze#94741534

Qtsnow:
https://www.thecable.ng/just-in-efcc-withdraws-fraud-charges-against-otudeko/

SmartPolician:
This Mr. Olukoyode is a big joke and talkative. How did he get that EFCC job in the first place?

Mr. Oyedepo stated that the Attorney-General of the Federation concluded that it was no longer in the public interest to pursue the matter.

anonimi:
EFCC withdrawal of cases is not synonymous with integrity o.

Quite the opposite for Oshiomhole’s Association of Past Criminals, APC.

.

rinzaugustine:
Imagine using EFCC to intimidate a legitimate investor out of a company and tomorrow you will be expecting international investors in a country where EFCC and courts are compromised under a presidents watch…de play ….these people have destroyed every good thing about Nigeria within a short time and still continues

Qtsnow:
https://www.thecable.ng/just-in-efcc-withdraws-fraud-charges-against-otudeko/

bayplus:
Do you really understand what is going on with Otudeko and first bank at all? Your comment confirms your ignorance.

But for God, Otedola and federal govt, First Bank would have gone the way of Savannah Bank due to insiders abuse. Those of you with 40k in your account will still be the one to rant online for govt not protecting your deposit. Otudeko is selling off to pay the humongus debts that nearly brought first bank to its knees, just like Union Bank and politicians refuse to pay. He has been forced to pay despite being a fellow Yoruba.

You can blame emilokan for everything but Otudeko could not escape like Ifeanyi Uba did to Fidelity bank.

Research before you make comments. Investors my foot!!

SmartPolician:
This Mr. Olukoyode is a big joke and talkative. How did he get that EFCC job in the first place?