The Federal High Court Ikoyi, has adjourned the case between the Economic and Financial Crimes Commission (EFCC) and Ayoola Oba Otudeko, and others.

The adjournment allows for settlement talks, initiated under the supervision of the office of the Attorney General of the Federation, between FBN Chairman Femi Otedola and Dr Oba Otudeko to progress. The discussions began the week prior, and the judge requested an update on their progress at the next hearing on May 8, 2025. This is after Justice Aneke ruled that preliminary objections about jurisdiction would be heard after the defendants take their pleas. The judge then directed both parties to report on the settlement discussions at the next hearing.

Prior to the court appearance on March 17, 2025, all parties met with the Attorney General of the Federation, who weighed in on the case and requested that the parties enter settlement talks to resolve the issue.

It should be recalled that this case, although firmly decided on in 2017, was revisited at the behest of the FBN under Otedola despite the fact that all parties, including the FBN and the EFCC, agreed to the terms of the resolution.

In a similar development on the same day, the FBN vs. Barbican Ltd case concerning the convening of an extraordinary general meeting reached the same adjournment conclusion. FBN requested a further court date to allow for the settlement discussion to be concluded. The presiding judge also adjourned the case until 8th May.

There continues to be strong public interest in the case. Settlement talks between the involved parties will be critical to reaching a resolution that will not injure the bank’s legacy. Given FBN’s history as not just Nigeria’s oldest bank but its pivotal role in the Nigerian banking sector, the need to protect the bank’s integrity and stability remains uppermost in the minds of the public, government, and stakeholders.