A federal high court in Lagos has adjourned the arraignment of Oba Otudeko, chairman of Honeywell Group, to June 11, over an alleged fraud.
The leading judge, Chukwujekwu Aneke, postponed the case on Thursday to allow room for a possible out-of-court settlement between parties or, alternatively, for arraignment proceedings to commence.
Otudeko is expected to face trial alongside Olabisi Onasanya, former managing director of First Bank; Soji Akintayo, a former Honeywell board member; and Anchorage Leisure Limited, a company linked to the matter.
The Economic and Financial Crimes Commission (EFCC) had filed a 13-count charge against the defendants, accusing them of obtaining N12.3 billion, N5.2 billion, N6.2 billion, N6.1 billion, and N1.5 billion — from First Bank under the pretence that the funds were obtained by some firms.
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At the previous sitting on March 17, Wole Olanipekun, counsel to Otudeko, told the court that the attorney-general of the federation (AGF) had convened a meeting involving all parties to resolve the matter amicably.
The court also insisted that Otudeko take a plea to the charges filed against him.
At the resumed hearing on Thursday, Bode Olanipekun, representing the first defendant, told the court that settlement talks were ongoing and had not yet yielded a resolution.
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Bilkisu Buhari-Bala, the prosecution counsel, confirmed the update and requested an adjournment for either a final report on the settlement or to proceed with the arraignment.
Justice Aneke granted the request and adjourned the case to June 11 for further proceedings.
