23 July 2025, Lagos, Nigeria:Honeywell Group confirms that today the legal proceedings initiated by the EFCC against our Chairman, Dr. Oba Otudeko, CFR, in connection with matters relating to First Holdco Plc, have been formally withdrawn.

This development marks the closure of a chapter that, while challenging, never diminished our confidence in Dr. Otudeko’s integrity or our belief in the principles that have guided his life and leadership. At no point was there any finding or admission of wrongdoing, and this conclusion further affirms what we have always maintained that this was a commercial transaction, which was investigated by the EFCC and resolved eight years ago. Dr. Otudeko’s record of service, enterprise, and nation-building stands firm and unblemished.

Dr. Otudeko has for over six decades contributed to Nigeria’s economic and institutional development, including distinguished tenures across banking, industry, and public service. His leadership of First Bank was defined by stability, stewardship, and strategic vision.

As a Group, we remain focused on our long-term mission to create value through enterprise. Honeywell Group’s work across food, energy, infrastructure, and financial services reflects a commitment to Nigeria’s progress, inspired by the very legacy we reaffirm today.

We are grateful to those who stood by us during this period. As we move forward, we do so strengthened by experience, focused on the future, and anchored in the enduring values that have always shaped our journey.

Signed 

Olasumbo Abolaji

General Counsel