Honeywell reacts to withdrawal of fraud charges against Oba Otudeko

Honeywell Group has reaffirmed its chairman’s integrity following the withdrawal of fraud charges filed by the Economic and Financial Crimes Commission (EFCC) against Oba Otudeko over a disputed loan transaction with First Bank.

On Wednesday, the federal high court in Lagos struck out the 13-count charge, marking the formal end of legal proceedings initiated in January. The case, which centred on an alleged N30 billion loan fraud, had named Otudeko, along with former First Bank group managing director Stephen Olabisi Onasanya, ex-Honeywell board member Soji Akintayo, and Anchorage Limited.

In a statement signed by the group’s general counsel, Olasumbo Abolaji, Honeywell described the outcome 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.”

The company emphasized that there was no adverse finding against its chairman. “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 statement said.

Praising Otudeko’s role in nation-building, the company added, “Dr. Otudeko’s record of service, enterprise, and nation-building stands firm and unblemished. His leadership of First Bank was defined by stability, stewardship, and strategic vision.”

Honeywell said it would continue to focus on value creation across food, energy, infrastructure, and financial services.