By Merciful Omoba
The Economic and Financial Crimes Commission (EFCC) has withdrawn the ₦30 billion fraud case against former First Bank chairman, Oba Otudeko.
A Federal High Court in Lagos, presided over by Justice Chukwujekwu Aneke, struck out the 13-count charge on Wednesday, following an application by EFCC counsel, Rotimi Oyedepo (SAN), to discontinue the suit.
The charges were initially filed in January 2025 against Otudeko and three others.
At a previous hearing in February, the defence had asked the court to consider their preliminary objections before arraignment. However, Justice Aneke ruled that the defendant’s plea must come first, citing precedents like Onnoghen v. FRN and Bello v. FRN.
Lead defence counsel, Wole Olanipekun (SAN), told the court that settlement talks were ongoing and referenced a meeting held on March 12 under the Attorney General’s supervision.
Other senior lawyers, Kehinde Ogunwumiju, Olumide Fusika, and Charles Adeosun-Phillips,all supported the request to delay further proceedings while negotiations continued.
The EFCC’s withdrawal brings the case to a close, for now
