Justice Chukwujekwu Aneke of the Federal High Court, sitting in Ikoyi, Lagos, on Thursday, May 8, 2025, adjourned till June 11, 2025 “for a report on settlement and/or arraignment” of the Chairman of Honeywell Group, Oba Otudeko and others over an alleged N12.3bn fraud brought against them by the Lagos Directorate 1 of the Economic and Financial Crimes Commission (EFCC), Ikoyi, Lagos.

Otudeko was to be arraigned alongside a former Managing Director of First Bank Plc, Olabisi Onasanya; a former board member of Honeywell, Soji Akintayo and a firm, Anchorage Leisure Limited, on a 13-count charge bordering on obtaining by false pretence to the tune of N12.3 billion.

At the last adjourned sitting on March 17, 2025, Otudeko’s lawyer, Wole Olanipekun SAN informed the court that a meeting involving all counsel had been convened at the instance of the Attorney General of the Federation, AGF, towards reaching a peaceful settlement of the matter.

“The next date for the meeting in the office of the AGF is slated for April 9, 2025. Pursuant to this development, we’ll be asking for a date after April 9, depending on the outcome of the meeting,” he said.

At the resumed sitting on Thursday, the first defence counsel , Bode Olanipekun SAN, informed the court that parties were still negotiating settlement and have not concluded talks regarding settlement negotiations.

Responding, the prosecution counsel, Bilkisu Buhari-Bala, confirmed the position to the court and prayed that the case be adjourned for a report of settlement or an arraignment.

Justice Aneke adjourned the matter till June 11, 2025 for a report of settlement and/or arraignment.