In a major development, the Economic and Financial Crimes Commission (EFCC) has withdrawn all charges against Chief Oba Otudeko, the Chairman of Honeywell Group, bringing an end to a months-long legal battle over alleged loan-related offenses.

The decision was announced on Wednesday, July 23, 2025, at the Federal High Court in Lagos, where EFCC counsel, Rotimi Oyedepo, SAN, revealed that the Attorney General of the Federation had reviewed all submissions and exercised constitutional powers to discontinue the case.

Justice Chukwujekwu Aneke promptly struck out the 13-count charge, effectively clearing Otudeko and three others of all allegations.

The case, which began in January 2025, centered around non-performing loan transactions. However, Otudeko and Honeywell Group maintained from the start that the matter had been resolved as far back as eight years ago and was civil not criminal in nature.

In a statement released following the court’s ruling, Honeywell Group’s legal representative, Olasumbo Abolaji, reiterated that the group operates with a firm commitment to corporate integrity and ethical governance.

“Dr. Otudeko has, for over six decades, contributed to Nigeria’s economic and institutional development,” she said. “His leadership across banking, industry, and public service, including his time at First Bank, was marked by stewardship and strategic growth.”

The withdrawal of charges has been widely interpreted as a reaffirmation of Otudeko’s character and integrity. According to Honeywell Group, the outcome reflects what they have always insisted on that the issue was a commercial dispute that had been fully resolved years ago.

“At no point was there any admission or finding of wrongdoing,” the company stated. “This conclusion further affirms that this was a civil matter, long investigated and resolved.”

EFCC’s decision, according to Oyedepo, was taken in the interest of justice, public policy, and to avoid an abuse of the court process.

The move has been welcomed by many stakeholders in Nigeria’s financial and business sectors as a positive signal showing the ability of the country’s legal system to distinguish between civil business disagreements and criminal wrongdoing.

For Otudeko, a man whose legacy includes transformative roles in banking, telecommunications, manufacturing, and philanthropy, this ruling closes a chapter that, while challenging, never shook his commitment to national development.