Nigerian law enforcement and anti-graft agency, the Economic and Financial Crimes Commission (EFCC) has withdrawn its ₦12.3 billion fraud case against Ọba Otudeko, former Chairman of First Bank of Nigeria (FBN) Holdings, just days after his high-profile sale of a significant stake in FirstHoldco.
This move was announced during the legal proceedings the Federal High Court, Lagos.
According to the EFCC counsel, Rotimi Oyedepo, Senior Advocate of Nigeria (SAN), in his debate told the court that the matter had been amicably resolved between the nominal complainant, First Bank of Nigeria, and the first defendant, Otudeko.
Oyedepo, further added that both parties had indeed settled and the resolution had been formally communicated to the Attorney-General of the Federation (AGF), Lateef Fagbemi.
He explained that in a letter dated July 16, 2025, First Bank formally withdrew its complaint, confirming that the matter had been settled, adding that on the same date, Otudeko’s counsel also wrote to the AGF affirming the settlement.
“Upon thorough review of the allegations, and considering that the depositor funds involved in the charge have been fully recovered and returned to First Bank’s treasury, the AGF decided—under Section 180 of the ACJA—to withdraw the charge,” Oyedepo submitted.
However, the counsel to Otudeko, Bode Olanipekun (SAN), also told Justice Chukwujekwu Aneke that all issues leading to the charge had been resolved.
Following the debate, Justice Chukwujekwu then struck out the lawsuit.
Recall that in January 2025, the EFCC filed a 13-count charge against Otudeko, former First Bank Managing Director Stephen Olabisi Onasanya, former Honeywell board member Soji Akintayo, and Anchorage Leisure Limited, a company linked to Otudeko.
Meanwhile, the charges alleged that between 2013 and 2014, the defendants conspired to defraud First Bank of ₦12.3 billion through false representations of credit facilities for V-Tech Dynamic Links Limited and Stallion Nigeria Limited.
The EFCC claimed the transactions violated the Advance Fee Fraud and Other Fraud-Related Offences Act 2006 and the Money Laundering (Prohibition) Act 2011.
This comes after Otudeko sold off his shares in First HoldCo, two years after acquiring them.
The deals representing about 25 percent of the company’s total outstanding shares were traded in 17 negotiated deals at a fixed price of ₦31 per share.
