In a recent development at the Federal High Court in Ikoyi, Lagos, Oba Otudeko, Chairman of Honeywell Group, and his co-defendants have sought an out-of-court settlement amidst their ongoing trial for alleged involvement in a ₦12.3 billion fraud case.
The trial judge, Chukwujekwu Aneke, dismissed the preliminary objections filed by the defendants, asserting that the case should proceed.
The objections, which sought to halt the trial, were overruled as the court maintained its stance that such applications should not impede criminal proceedings at this stage.
Following the dismissal, defence counsel, led by Wole Olanipekun, SAN, requested an adjournment to explore the possibility of settling the matter outside court. This request was granted, with the court setting the next hearing date for 8th May.
The decision to explore an out-of-court settlement came after discussions initiated by Mr. Olanipekun, who disclosed that recent meetings involving all parties, including representatives from the Attorney General’s office and First Bank, showed promising signs towards an amicable resolution.
The Economic and Financial Crimes Commission (EFCC), represented by counsel Bilikisu Buhari, expressed readiness to proceed with the trial but acknowledged the ongoing settlement talks.
The prosecution affirmed its commitment to await the outcome of the settlement discussions before the next phase of proceedings.
The case stems from allegations that Mr. Otudeko, along with former First Bank officials and Anchorage Leisure Ltd, orchestrated advanced fee fraud, misrepresenting loans as credit facilities.
The EFCC has accused them of laundering part of the funds through Honeywell Flour Mills Plc., which reportedly disbursed the loans in multiple tranches.
In response, the defence argues that the matter was resolved civilly over eight years ago, suggesting that the EFCC’s involvement in the resolution process precludes reclassifying it as a criminal case.
They contend that payments were made in full with an agreement not to pursue charges.
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