By Abiola Olawale
The Economic and Financial Crimes Commission (EFCC) says it has withdrawn its ₦12.3 billion fraud case against Oba Otudeko, a former chairman of First Bank of Nigeria (FBN) Holdings.
This development is coming just a few days after his high-profile sale of a significant stake in FirstHoldco.
The decision which was announced during proceedings at a Federal High Court in Lagos by EFCC counsel, Rotimi Oyedepo, a Senior Advocate of Nigeria (SAN), was also reportedy confirmed in writing by Otudeko’s lawyer, Bode Olanipekun(SAN).
In his submission, the EFCC Counsel told the court that the matter had been amicably resolved between the nominal complainant, First Bank of Nigeria, and the first defendant, Otudeko.
The EFCC counsel, Oyedepo, further confirmed that both parties had indeed settled and the resolution had been formally communicated to the Attorney General of the Federation (AGF), Lateef Fagbemi.
He explained that in a letter dated July 16, 2025, First Bank formally withdrew its complaint, affirming that the matter has been amicably resolved.
He added that on the same date, Otudeko’s counsel also wrote to the AGF affirming the settlement.
“Upon thorough review of the allegations, and considering that the depositor funds involved in the charge have been fully recovered and returned to First Bank’s treasury, the AGF decided—under Section 180 of the ACJA—to withdraw the charge,” Oyedepo submitted.
Counsel to Otudeko, Bode Olanipekun (SAN), also told Justice Chukwujekwu Aneke that all issues leading to the charge had been resolved.
Following the submissions, Justice Chukwujekwu then struck out the lawsuit.
It would be recalled that in January 2025, the EFCC filed a 13-count charge against Otudeko, a former First Bank Managing Director Stephen Olabisi Onasanya, an erstwhile Honeywell board member Soji Akintayo, and Anchorage Leisure Limited, a company with links to Otudeko.
The charges alleged that between 2013 and 2014, the defendants allegedly conspired to defraud First Bank of ₦12.3 billion through false representations of credit facilities for V-Tech Dynamic Links Limited and Stallion Nigeria Limited.
The EFCC further alleged the transactions violated the Advance Fee Fraud and Other Fraud-Related Offences Act 2006 and the Money Laundering (Prohibition) Act 2011.
However, the settlement is coming after Otudeko sold off his shares in First HoldCo, two years after acquiring them.
The deals representing about 25 percent of the company’s total outstanding shares were said to have been traded in 17 negotiated deals at a fixed price of N31 per share.
