Court adjourns EFCC, Otedola vs. Otudeko case as settlement talks begin

The Federal High Court in Ikoyi has adjourned the case between the Economic and Financial Crimes Commission (EFCC) and Dr. Oba Otudeko, along with other defendants, to allow for settlement discussions.

The talks, initiated under the supervision of the Attorney General of the Federation, aim to resolve the dispute between FBN Chairman Femi Otedola and Otudeko. The discussions commenced last week, and Justice Aneke has directed both parties to provide an update at the next hearing on May 8, 2025.

During the hearing on March 17, Justice Aneke ruled that preliminary objections concerning jurisdiction would be addressed only after the defendants entered their pleas. He further instructed both parties to report back on the progress of settlement negotiations.

Before the court session, the parties met with the Attorney General, who intervened in the case and urged them to seek an amicable resolution.

The case, originally settled in 2017, was revisited at the request of FBN under Otedola’s leadership, despite an earlier agreement involving all parties, including the EFCC.

In a related matter, the court also adjourned the FBN vs. Barbican Ltd case, which pertains to the convening of an extraordinary general meeting. FBN sought additional time for settlement discussions, leading the judge to set the next hearing for May 8.

The ongoing legal battle has drawn significant public interest. Observers note that a resolution through settlement is crucial to preserving the legacy and stability of First Bank of Nigeria (FBN), given its status as the country’s oldest bank and a key player in the financial sector.