A Federal High Court in Lagos on July 23, 2025, struck out criminal charges against billionaire businessman Adebayo Otudeko, Chairman of the Honeywell Group, after the Economic and Financial Crimes Commission (EFCC) unexpectedly withdrew the case.
The charges, filed in 2022, alleged money laundering and fraud totaling ₦200 billion linked to the collapsed Skye Bank, where Otudeko served as chairman. The EFCC’s decision, announced by lead counsel Rotimi Jacobs, cited “new evidence” and a review of the case file, leading Justice Chuka Obiozor to dismiss the matter with no cost to either party.
Otudeko’s legal team hailed the ruling as vindication, asserting his innocence throughout the three-year legal battle, which included asset freezes and travel bans. The EFCC’s withdrawal, however, has sparked debate, with some suggesting internal pressure or a settlement, though no financial restitution was disclosed.
The agency’s statement emphasized procedural integrity, but critics question the timing, given Otudeko’s ties to influential political circles and the case’s high profile. The narrative of justice served contrasts with suspicions of influence, leaving the public awaiting further clarification from the EFCC.
