Justice Chukwujekwu Aneke of the Federal High Court, Ikoyi, has struck out the fraud charges filed by the Economic and Financial Crimes Commission (EFCC) against former Chairman of First Bank, Oba Otudeko, and three others.
The decision followed an application by EFCC counsel, Rotimi Oyedepo, SAN, who informed the court that the matter had been amicably resolved between the nominal complainant, First Bank of Nigeria, and the First defendant (Otudeko).
According to Oyedepo, both the first defendant, Otudeko, and First Bank had resolved all outstanding issues, and this resolution had been formally communicated to the Attorney General of the Federation (AGF).
He also referenced a series of letters exchanged between the parties and the AGF confirming the terms of the settlement.
EFCC had alleged Otudeko and the three other defendants of orchestrating fraudulents transactions in tranches of N12.3 billion, N5.2 billion, N6.15 billion, N1.5billion and N500 million from First Bank through fraudulent credit facilities.
Details later….
Wale Igbintade
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