‘No admission of wrongdoing’ — Honeywell reacts after EFCC withdrew fraud charges against Otudeko

Honeywell Group has confirmed the withdrawal of legal proceedings initiated by the Economic and Financial Crimes Commission (EFCC) against its chairman, Oba Otudeko, over a loan transaction with First Bank.

Earlier today, the federal high court in Lagos struck out the 13-count charge filed against Otudeko.

In a statement on Wednesday by Olasumbo Abolaji, the company’s general counsel, Honeywell described the development as a “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 investigated by the EFCC and resolved eight years ago,” the company said.

The company praised Otudeko’s decades-long contribution to Nigeria’s economic and institutional development, noting his leadership in banking, industry, and public service.

“Dr. Otudeko’s record of service, enterprise, and nation-building stands firm and unblemished,” the company added.

“His leadership of First Bank was defined by stability, stewardship, and strategic vision.”

Honeywell said the company remains focused on its core mission of value creation in sectors such as food, energy, infrastructure, and financial services.

“As we move forward, we do so strengthened by experience, focused on the future, and anchored in the enduring values that have always shaped our journey,” the statement said.

In January, the anti-graft agency filed the charges against Otudeko and three others over an alleged N30 billion loan fraud.

The three other defendants are Stephen Olabisi Onasanya, a former group managing director of FBN; Soji Akintayo, an ex-board member of Honeywell Flour Mills plc; and Anchorage Limited, a company linked to Otudeko.

The absence of Otudeko stalled the trial.

Subsequently, the defence team of Otudeko and the anti-graft agency explored an out-of-court settlement over the alleged loan fraud trial.