A Federal High Court in Ikoyi, Lagos has struck out the charges against the former chairman of Honeywell Flour Mills and the First Bank Nigeria (FBN) Holdings Plc, Dr Oba Otudeko and three others.
Justice Chukwujekwu Aneke on Wednesday struck out the charges following their withdrawal by the Economic and Financial Crimes Commission (EFCC).
Justice Aneke ruled that the decision was based on Section 180 of the Administration of Criminal Justice Act (ACJA) of 2015.
During the hearing on March 17, defence counsel, Wole Olanipekun (SAN) had informed the court that a meeting involving all counsel had been convened at the instance of the Attorney‑General of the Federation to explore a peaceful settlement.
Consequently, at the hearing on Wednesday, the prosecution counsel Rotimi Oyedepo (SAN), informed the court that the Attorney General of the Federation had reviewed letters from both First Bank, the nominal complainant, and the defendants, and approved discontinuance of the case.
Defence counsel to the first defendant, Bode Olanipekun (SAN), confirmed that all outstanding issues had been resolved.
Other defence lawyers: Kehinde Ogunwumiju (SAN) and Tunde Afe Babalola for the third defendant, and Elijah Akefe for the fourth — raised no objections, while counsel for First Bank, B.O. Ofula, also confirmed that the disputed funds had been fully repaid.
EFCC had filed a 13-count charge against Otudeko, First Bank Plc’s former Managing Director, Stephen Onasanya, Akintayo and Anchorage Leisure Limited alleging that they falsely presented loans worth N12.3 billion as credit facilities for V-Tech Dynamic Links Limited and Stallion Nigeria Limited.
The anti-graft agency also alleged that the defendants conspired to launder part of the facility through Honeywell Flour Mills Plc with the loans disbursed in multiple tranches.
DAILY TRUST.
