A Federal High Court sitting in Lagos has adjourned the N12.3 billion loan controversy case involving the Chairman of Honeywell Group, Oba Otudeko, and three others, to June 11, 2025.

Justice Chukwujekwu Aneke postponed the case to allow time for either a peaceful settlement or the formal arraignment of the suspects.

The decision followed reports that negotiation are still ongoing between the parties involved for out-of-court settlement as advised by the Attorney General of the Federation and Minister of Justice, Lateef Fagbemi (SAN), who is trying to mediate.

During Thursday’s hearing, Otudeko’s lawyer, Bode Olanipekun (SAN), told the court that negotiations for an out-of-court resolution were still in progress.

Similarly, the lawyer for the Economic and Financial Crimes Commission (EFCC), Bilikisu Buhari, acknowledged the discussions but asked the court to set a new date for arraignment in case the negotiations fail.

It will be recalled that at the last sitting of the court on March 17, Chief Wole Olanipekun (SAN) had informed the judge that a meeting involving all counsel had been convened at the instance of the Attorney General of the Federation.

He said that this was aimed at reaching a peaceful settlement of the case.

Olanipekun had also stated that substantial progress was made, and the AGF directed all parties to refrain from actions that could jeopardize the resolution process, including filing further applications.

The court will reconvene on June 11 to hear the outcome of the settlement talks or proceed with the arraignment if no agreement is reached.