The Federal High Court in Lagos has struck out the 13-count charge filed against Oba Otudeko, former chairman of First Bank of Nigeria (FBN), and three others. The charges were withdrawn by the Economic and Financial Crimes Commission (EFCC) after the defendants settled the matter out of court.

Judge Chukwujekwu Aneke struck out the charges after EFCC counsel Rotimi Oyedepo announced the withdrawal of the suit. Oyedepo stated that the Attorney-General of the Federation received a letter from the defense team seeking an amicable resolution of the case.

The EFCC had accused Otudeko and the other defendants of obtaining N30 billion in loans from First Bank under false pretenses. However, the defense team confirmed that the funds had been fully paid back. “Depositors’ funds, which were the subject of the charge, have been fully recovered and returned to the treasury of the First Bank,” Oyedepo said.

Otudeko’s counsel, Bode Olanipekun, also confirmed that the funds had been fully paid back. The court subsequently struck out the charges. Notably, Otudeko recently sold off his shares in First HoldCo, two years after acquiring them, in a deal worth millions.