Justice Chukwujekwu Aneke of the Federal High Court in Ikoyi has struck out the fraud charges brought by the Economic and Financial Crimes Commission (EFCC) against former Chairman of First Bank of Nigeria, Oba Otudeko, and three others.
The dismissal followed an application by EFCC counsel, Rotimi Oyedepo, SAN, who informed the court on Tuesday that the case had been amicably resolved between First Bank—the nominal complainant—and the first defendant, Otudeko.
Oyedepo told the court that all outstanding issues had been settled and that the resolution had been formally communicated to the Attorney General of the Federation. He also referenced correspondence exchanged among the parties and the AGF confirming the terms of the settlement.
The EFCC had previously accused Otudeko and his co-defendants of fraudulently securing credit facilities from First Bank in multiple tranches totaling N25.65 billion, including amounts of N12.3 billion, N6.15 billion, N5.2 billion, N1.5 billion, and N500 million.
With the case withdrawn and all parties reportedly in agreement, the court formally struck out the charges. Further details are expected.
