Oba Otudeko, EFCC in Settlement Talks Over N30 Billion Fraud Case

The legal battle between business mogul Oba Otudeko and the Economic and Financial Crimes Commission (EFCC) over an alleged ₦30 billion loan fraud may not go to trial, as both parties are now exploring an out-of-court settlement.

At a hearing on Monday before the Federal High Court in Lagos, Otudeko’s defence counsel, Wole Olanipekun (SAN), informed the court that settlement discussions were underway.

The EFCC had filed a 13-count charge against Otudeko and three others, accusing them of fraudulent financial dealings. However, the defence team had previously challenged the court’s jurisdiction, leading to an adjournment on February 13.

In his ruling on Monday, Justice Chukwuekwu Aneke insisted that Otudeko must first take a plea before the court could entertain any jurisdictional objections.

Following the judge’s decision, Olanipekun disclosed that a settlement meeting was held on March 12, involving all parties, with the Office of the Attorney-General of the Federation (AGF) overseeing the negotiations. The EFCC’s prosecution team was also present.

Seeking to allow time for further discussions, the defence counsel requested an adjournment to report on the settlement progress, cautioning that setting an arraignment date could potentially bias the ongoing talks.