Honeywell’s Oba Otudeko Faces N12.3B Fraud Scandal—Will He Buy His Way Out?

Oba Otudeko, Chairman of Honeywell Group, is at the center of a high-profile N12.3 billion fraud case that has captivated Nigeria’s business and legal circles.

On March 17, 2025, Justice Chukwujekwu Aneke of the Federal High Court in Lagos adjourned the case to May 8, 2025, allowing time for a potential out-of-court settlement. The decision follows an agreement between the parties to explore resolution options, with negotiations set to be overseen by the Office of the Attorney General of the Federation (AGF).

Otudeko, a renowned industrialist and philanthropist, is one of Nigeria’s most influential business figures. As the founder and chairman of Honeywell Group, a conglomerate spanning energy, real estate, agriculture, and hospitality, he has long been regarded as a savvy entrepreneur. However, his legacy now faces scrutiny due to the fraud allegations brought against him by the Economic and Financial Crimes Commission (EFCC).

The EFCC alleges that Otudeko and three co-defendants engaged in financial misconduct totaling N12.3 billion, reportedly linked to transactions between Honeywell Group and First Bank of Nigeria. While specific details remain unclear, the case has drawn significant attention.

On January 16, 2025, reports surfaced that the EFCC planned to arraign Otudeko, but speculation erupted the next day when claims emerged that he had abruptly left Nigeria ahead of the scheduled court appearance. Neither Otudeko nor his legal team has confirmed or denied these reports.

The shift toward an out-of-court settlement represents a major turn in the case. Sources indicate that both prosecution and defense agreed to explore a resolution, with the EFCC reportedly open to negotiations. The AGF’s involvement suggests the case’s complexity and political sensitivity, given its implications for corporate governance, financial regulation, and Nigeria’s anti-corruption efforts.

Legal experts speculate that a settlement could involve restitution, fines, or other penalties, potentially avoiding a lengthy trial. However, the move has sparked mixed reactions. Some view it as a pragmatic solution to prevent years of litigation, while critics argue it raises concerns about accountability for high-profile business figures in Nigeria.

With the May 8 hearing approaching, all eyes remain on whether Otudeko and the EFCC will strike a deal—or if the legal battle will continue in court.