Justice Chukwujekwu Aneke of Lagos’ Federal High Court has postponed Oba Otudeko’s fraud case to June 11, 2025.
The adjournment allows parties to finalize settlement talks or proceed with arraignment over alleged N12.3 billion fraud.
Earlier, the EFCC charged Otudeko, ex-First Bank MD Olabisi Onasanya, Honeywell director Soji Akintayo, and Anchorage Leisure Limited.
Prosecutors accuse them of obtaining funds through false pretenses involving substantial financial transactions.
During March’s hearing, Otudeko’s lawyer Wole Olanipekun SAN revealed settlement discussions facilitated by the Attorney General.
He confirmed scheduled April negotiations to resolve the matter out of court.
At Thursday’s session, defense counsel Bode Olanipekun reported ongoing negotiations while prosecution lawyer Bilkisu Buhari-Bala sought more time.
Justice Aneke consequently fixed June 11 for either settlement confirmation or trial commencement.
The EFCC maintains close monitoring as Nigeria’s financial sector watches this high-profile case unfold.
Legal experts suggest the adjournment indicates potential out-of-court resolution prospects.
This development follows growing scrutiny of corporate governance practices among Nigerian financial institutions.
Observers await June’s proceedings which could set precedents for similar financial fraud cases.
For continuous updates on this case and EFCC activities, follow their official social media channels.
The court’s decision will ultimately determine whether parties reach agreement or face full trial proceedings.
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