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Ecobank Nigeria to Appeal Honeywell’s Purported N72 Billion Court Judgement
Ecobank Nigeria to Appeal Honeywell’s Purported N72 Billion Court Judgement
Ecobank Nigeria Limited says it will appeal a judgment by the Federal High Court in Lagos, presided over by Hon. Justice Liman, which delivered a judgment in favour of Honeywell Flour against the bank and ordered it to pay the sum of N72 billion. The bank said it believes that the judgment is perverse and cannot stand the test of time. It also noted that it would vigorously challenge the same, and remain confident that it can reverse this judgment at the higher courts.
Sources from the bank stated that the instant suit was an action filed in 2018 for the enforcement of the Bank’s Undertaking as to Damages which was filed in pursuance of its Winding Up Petition and the Ex-Parte Orders which were granted in favour of the Bank.
“We challenged the action through a Notice of Preliminary Objection dated 16th October, 2018 whereby we challenged the jurisdiction of the Federal High Court, as (among other reasons), the action did not fall within the provisions of Section 251 (d) of the Constitution, being that the subject matter of the suit was for the Claim of Damages arising out of an Ex-Parte Order, as opposed to a Banker-Customer relationship. Trial was concluded in this matter on 9th March 2021 and the parties adopted their final written addresses alongside our Notice of Preliminary objection on 16th March 2022, the Court then adjourned the matter to 27th May 2022 for judgment. While the court failed to deliver judgment on the said date, the registrar of the court promised to inform counsel whenever the judgment was ready”.
“In the wake of the Supreme Court’s decision in the Bank’s favour, in Suit No. SC/CV/210/2021 which was delivered on 27th January 2023, the bank further filed a Motion on notice dated 9th March 2023 to dismiss the Suit on the grounds that the same has become academic as a result of the judgment entered in favour of Ecobank wherein the Supreme Court held that Honeywell remained indebted to the Bank. The Court heard a motion dated 9th March 2023 and adjourned to 23rd June 2023 for ruling on our two applications and also for delivery of judgment. The Court consequently delivered the said ruling/judgment today July 18 via a virtual proceeding at about 4pm. In its Judgment, the Court dismissed the two applications we filed, holding that it has jurisdiction to entertain the suit and also that the suit had not become academic”.
According to the bank, In reaching its judgment, the Court ignored/refused (among others): Submissions showing that the Ex-Parte Orders were discharged on points of law and not that it was frivolously obtained by the Bank; that the Ex-Parte Order lasted for less than 2 weeks, contrary to the Claim of Honeywell which was said to have covered the period of three years; that the documents presented by Honeywell particularly the annual returns did not show the alleged damage, hence same was indeed non-existent; that documents from various other Banks who were served with the ex-parte order showed that the Honeywell companies were indeed highly indebted to them, hence there was no way the Ex-Parte Orders would have frozen funds in the said Banks; and more importantly, the Court refused all the objections regarding the documents maliciously prepared by Honeywell for the sole purpose of instituting the Suit and claiming unjustifiable sums from the Bank.
The bank reiterated that it is a member of the Ecobank Group, the Pan-African Bank which is proudly and fully committed to transparency in all the countries where it operates, and abides by laws and regulations. It believes that this matter should be conclusively determined in line with the applicable judicial process.
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I Have An Idea For Govt, Families For February 14
-Ajadi
It is February 14, and Nigerian politician, entrepreneur and humanist, Ambassador Olufemi Ajadi Oguntoyinbo says he has an idea for governments, organisations and couples that would revolutionise society’s cohesion.
He in fact, has thrown a challenge to these quarters, concerning this year’s St Valentin’s Day, how they should celebrate it differently and more impactfully.
According to him, it should go beyond mere commemorations to heart-felt interventions and legacy projects that improve the wellbeing of people in the society
The entrepreneur-politician said, there could be no better way to join in an event that is synonymous with love, than sinking or implementing projects or programmes that truly touch the lives of the people, changing it for the better.
Sincere affection for the people, he said, should be enough motivation for others holding responsible positions in government, to go beyond tokenism this time but really provide for their people, life-transforming projects and policies.
Even for those who may not have material things to give, Ambassador Ajadi is of the opinion that the season of St Valentine, should motive them to love and care genuinely, shun greed, selfishness, wickedness, materialism bitterness, hate, murder, and the other vices which tend to characterise the society.
It is excellent to see individual lovers sharing cards and gifts at Valentine Day, but how about seeing projects tied to uplifting the people and improving their lifestyles being commissioned and handed over this season as a token of love”, he asked.
Commending organisations and individuals who usually reach out to the underprivileged during St Valentine Day every February 14, Ambassador Ajadi urged them not to relent, as they were fulfilling a great role in society for which they would be rewarded at due time.
“You will agree with me that, if we can imbibe this style of celebration, it will help us to achieve a lot improving the lives of our people, and making the society generally safer.
“It is something that any representative who truly loves his constituency should think about, execute a life impactful project, borne out of genuine love for your constituency that you can deliver during the season of February 14”.
Bemoaning the increasing hardship in the country, he urged Nigerians not to allow them to stop being one another’s keeper.
Ajadi who recently celebrated his marriage anniversary also challenged couples to use Valentina day celebration to renew their relationship.
According to him, families have a lot of roles to play in society even as healthy families will translate to healthy societies and vice versa.
“My admonition to couples is to use this February 14 Valentine’s Day to profess their love afresh to their partners.
“They should remember that they owe each other genuine affection and love, which will also show on their children.
“Let the love professed by St. Valentine on February 14 be seen in their actions towards one another.
“Let couples be there for each come rain, come shine and our society will be better again “.
Bemoaning the rampant cases of ritual killing, kidnapping and murders, he described them also as symptoms of a lack of genuine love in the society
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