A Federal High Court in Ikoyi, Lagos, has adjourned, for settlement, the hearing in the case involving the former chairman of the First Bank Nigeria (GBN) Holdings Plc, Dr Oba Otudeko, and former board member of Honeywell Flour Mills, Soji Akintayo.

Justice Chukwujekwu Aneke adjourned the case on Monday to enable the parties conclude talks and report on May 8.

While directing parties to report fir the settlement with the Economic and Financial Crimes Commission (EFCC), the judge further ruled that the preliminary objection filed against the arraignment of the defendants pending the taking of plea.

The Attorney General of the Federadion and Minister of Justice had weighed into the matter for settlement after the initial terms of the in 2017 was revisited by Femi Otedola as the chairman of the bank.

EFCC had filed a 13-count charge against Otudeko, First Bank Plc’s former Managing Director, Stephen Onasanya, Akintayo and Anchorage Leisure Limited alleging that they falsely presented loans worth N12.3 billion as credit facilities for V-Tech Dynamic Links Limited and Stallion Nigeria Limited.

The anti-graft agency also alleged that the defendants conspired to launder part of the facility through Honeywell Flour Mills Plc with the loans disbursed in multiple tranches.