Connect with us

Business

Fresh Trouble for Honeywell flour mills as Ecobank drags Management to court over N3.5bn debt

Published

on

Online Banking: Ecobank Remains the Best, With easy Access to Mobile banking ....written by Sunday Adeyemi

Honeywell-Flour-Mill-LogoEcobank-logo-nigeria

 

 

Ecobank Nigeria Limited has urged the Supreme Court to set aside a Court of Appeal verdict on its winding-up petition against Honeywell Flour Mills Plc over an alleged 3.5billion debt.

Justice Mohammed Yunusa of the Federal High Court in Lagos last December 4 froze Honeywell’s accounts following an application by Ecobank’s lawyer Mr. Kunle Ogunba (SAN) of the Insolvency Forte.

The judge later varied the order by allowing Honeywell to withdraw N15million per week pending hearing of the suit, which Honeywell appealed against.

The Court of Appeal ruled in Honeywell’s favour and discharged the restraining order.

But Ecobank has urged the Court of Appeal to grant an order of injunction retraining Honeywell from taking advantage of the order discharging the interim/varied order pending the determination of the case by the Supreme Court.

The bank said the interim order was made to preserve Honeywell’s funds in some banks, namely Zenith, Access, Citibank, Stand Chartered, Wema, Guarantee Trust, Fidelity and Ecobank until the case is determined.

“There is an urgent need to preserve the res (subject-matter) of the appeal to avoid foisting a situation of helplessness on the Supreme Court, a superior court of record,” Ecobank said.

The bank is urging the Supreme Court to set aside the entire judgment/decision of the Court of Appeal on the ground that the appellate court erred in law in setting aside the ex-parte orders made by Justice Yunusa.

The Court of Appeal, in the judgment delivered by Justice Abimbola Obaseki, set aside Justice Yunusa’s order on the ground of abuse of Order 4 of winding up rules.

But the bank is urging the Supreme Court to hold that the Winding-up Rules did not outlaw the issuance of ex-parte orders, among other ground.

Besides, it said the Winding-up Rules did not provide for ex-parte orders, adding that it was provided for in the court’s Civil Procedure Rules.

“The Winding-Up Rules is a subsidiary legislation and not elevated to the rank of a statute. Rule 4 of the Winding Up Rules only provided for applications inter-parties and thus created a lacuna as it relates to ex-parte applications which can only be filled by the Civil Procedure Rules of the court,” the bank said.

Ecobank also appealed against the dismissal of its appeal challenging the jurisdiction of Justice Mohammed Idris of the Federal High Court in establishing a customer banker’s relationship in a related case.

The Court of Appeal had held that there was a banker-customer relationship between the parties.

Bur the bank is praying the Supreme Court to hold that the Court of Appeal occasioned a gross miscarriage of justice by allowing the respondents the benefits of an “in-principle” agreement they were never party to.

Ecobank is also praying the Supreme Court to decide whether it was wrong to seek redress before other courts and whether it amounted to contempt of court.

“The learned justices of the Court of Appeal erred in law and occasioned a gross miscarriage of justice by failing to determine whether the learned trial judge, Justice Mohammed Idris, had power to even hear or consider the committal proceedings,” the bank said.

Ruling in favour of Honeywell, Justice Obaseki-Adejumo of the Court of Appeal had held that Justice Yunusa made the ex-parte order without notice to Honeywell. She said it violated the rules guiding winding-up petitions.

According to her, the rules state that every application in such a petition shall be by motion on notice to the person against whom the order was to be made.

“Justice of the case demands that both side be heard. The ruling of the Federal High Court is hereby set aside. The petition shall be assigned to another judge for necessary action. Parties shall bear their costs,” she held.

Justice Idris had last August 10 made an order of interim injunction restraining the bank from publishing the plaintiffs’ name as debtors and ordered parties to maintain status quo pending hearing of the plaintiffs’ suit.

But Honeywell said while the suit was pending, Ecobank filed other suits before other judges in a bid to recover its debt from Honeywell Group and its chairman Oba Otudeko.

Honeywell’s lawyers, therefore, filed Form 48 and Form 49, urging the court to hold the bank in contempt.

But Justice Idris struck out the contempt proceedings on the basis that no proper service was effected on the alleged contemnors.

Ecobank is praying the Supreme Court to hold that the Court of Appeal was wrong to have failed to consider whether Justice Idris had the vires to sit as judge in his own case.

“The Court of Appeal occasioned a gross miscarriage of justice by failing to decide whether the learned trial judge ought to be allowed to hear and/or determine the committal proceedings even before the issue of improper service,” Ecobank said.

 

Continue Reading
Advertisement
Click to comment

You must be logged in to post a comment Login

Leave a Reply

Business

Abducted Rivers bizman rescued, suspected robber arrested

Published

on

Abducted Rivers bizman rescued, suspected robber arrested

 

The Rivers State Police Command said its men rescued a businessman identified as Julius Madabuchi, who was kidnapped by a four-man gang at a filling station in the Oyigbo Local Government Area of the state.

The police said the man was abducted when the miscreants who were driving in a Black Toyota car stormed the area and started shooting discriminately before executing their plan.

The rescue of the man, the police said, followed a distress call sent to the command control room about the activities of the hoodlums on November 17 and immediately mobilised operatives to the scene, saying the abductors engaged the police in a shootout.

The spokesperson for the state police command, Grace Iringe-Koko, disclosed this in a statement issued in Port Harcourt, Rivers State capital, on Wednesday.

 

The statement reads, “On the 17th of November, 2014, at about 2023hrs, operatives of the command received a distress call from the Room indicating that a gang of armed men numbering about four operating in a Black colour Toyota Corolla car shot sporadically and kidnapped one Madabuchi Julius at Sabbath Filling Station, Oyigbo.

“Operatives were swiftly mobilised to the scene and the hoodlums on sighting the police operatives drove off, but they were given a hot chase by the operatives and subsequently intercepted along Egbu Street, Oyigbo and a gun duel ensued between the operatives and the hoodlums.

“The hoodlums could not withstand the police’s superior firepower and eventually abandoned the victim and their operational vehicle with registration number RIVERS PHC 938 AH and escaped. The victim was rescued unhurt and the vehicle recovered. He has since reunited with his family.”

 

The state police image maker however said an investigation is ongoing while concerted efforts are being intensified to apprehend other fleeing members of the gang and recover their operational weapons.

In a related development, Iringe-Koko said the following day, precisely on Monday, operatives of the command acted on credible information, coordinated a covert operation at the St Lorinta Street, Oyigbo and arrested one Gabriel Morris, aged 25, at Mercy Ground in Kom-Kom, Oyigbo LGA of the State.

The state police spokesperson stated, “During interrogation, the suspect confessed to being a member of a syndicate that had been terrorising Oyigbo and its environs in recent times.

 

Iringe-Koko, a Superintendent of Police, listed items recovered from the suspect including one locally made pistol and a quantity of weeds suspected to be Indian hemp.

She added, “Investigation is ongoing, while concerted efforts are intensified to apprehend other fleeing members of the syndicate.

“This successful operation further demonstrates the effectiveness of the Rivers State Police Command in combating kidnapping and all other forms of crime in the state.”

 

Continue Reading

brands/telecom

Celebrate Your Wins, No Matter How Small-Prudent Ludidi

Published

on

Those who wronged you may never say "I'm sorry" - Prudent Ludidi

Celebrate Your Wins, No Matter How Small-Prudent Ludidi

 

Today, I want to talk about something incredibly important, yet often overlooked: celebrating our wins. Yes, you heard that right – celebrating our wins, no matter how small.

We live in a world that constantly pushes us to achieve more, be more, and do more. We’re always striving for the next goal, the next milestone, the next achievement. And while ambition is great, it’s equally important to acknowledge and celebrate the small victories along the way.

Think about it. How often do you achieve something amazing, only to dismiss it as “not a big deal” or “just part of your job”? How often do you downplay your successes or attribute them to luck rather than your hard work and dedication?

Here’s the thing: every win, no matter how small, is worth celebrating. Every achievement, no matter how insignificant it may seem, is a testament to your strength, resilience, and determination.

Celebrating your wins does several things. Firstly, it boosts your confidence and self-esteem. When you acknowledge your achievements, you remind yourself of your capabilities and potential.

Secondly, celebrating your wins helps you stay motivated and focused. By recognizing your progress, you’re more likely to stay committed to your goals and keep pushing forward.

Thirdly, celebrating your wins fosters a positive mindset. When you focus on what you’ve achieved, rather than dwelling on what’s still to be done, you cultivate gratitude, happiness, and contentment.

So, how can you start celebrating your wins?

Start small. Write down three things you’ve accomplished each day before bed. Share your achievements with a friend or family member. Treat yourself to something special.

Celebrate the tiny victories: finishing a difficult project, trying a new recipe, or simply making it through a tough day.

Celebrate the milestones: landing a new job, running a marathon, or graduating from college.

And celebrate the moments in between: learning a new skill, making a new connection, or taking a much-needed break.

Remember, celebrating your wins isn’t about being arrogant or boastful. It’s about acknowledging your hard work and dedication. It’s about recognizing your worth and value.

Don’t wait until you’ve achieved something “big” to celebrate. Celebrate every win, no matter how small. Celebrate every achievement, no matter how insignificant it may seem.

You are worthy of recognition. You are worthy of celebration. And you are worthy of acknowledging your own strength and resilience!

Continue Reading

Business

IMF’s Bold Advice to Nigeria: How to Fix Economic Reforms and Win Public Trust” By Achimi Muktar

Published

on

IMF’s Bold Advice to Nigeria: How to Fix Economic Reforms and Win Public Trust”
By Achimi Muktar

 

As frustration mounts across Nigeria and other Sub-Saharan African nations undergoing tough economic reforms, the International Monetary Fund (IMF) has stepped in with recommendations aimed at reshaping the narrative. These suggestions focus on addressing the growing civil discontent and turning public opposition into support for reforms critical to stabilizing their economies.

The IMF’s latest Regional Economic Outlook for Sub-Saharan Africa report highlights “adjustment fatigue” gripping nations like Nigeria, Ghana, Ethiopia, and Kenya, where reform measures have triggered social unrest and resistance. In Nigeria, particularly, protests and labour strikes have erupted in response to policies like petrol subsidy removal and foreign exchange deregulation.

However, the IMF believes a path forward exists—one that involves rethinking reform strategies and engaging citizens more effectively.

The Call for Strategic Rethink
In the report, the IMF emphasizes the need for reform strategies that foster inclusivity and public trust while maintaining momentum for economic recovery. “Realizing this opportunity requires rethinking reform strategies to build and maintain pro-growth coalitions among leaders and the general public,” the report states.

The IMF outlined key pillars for successful reform implementation:

Broad-Based Engagement: Governments must actively involve citizens through two-way dialogue, creating a sense of ownership for reforms among the population, businesses, and civil society.

Transparent Communication: Policymakers should clearly articulate the benefits of reforms, the risks of inaction, and the compensatory measures being implemented. This approach, according to the IMF, will counter misinformation and rebuild trust.

Partnerships with Influencers: Engaging parliamentarians, community leaders, and independent experts can amplify reform messaging and provide credible advocacy for change.

Targeted Social Support: Implementing safety nets like retraining programs and job assistance for those hit hardest by reforms can reduce resistance and ease the social cost of change.

Sequenced Reforms: Staggering reforms over time to prevent overwhelming citizens and prioritizing initiatives with immediate, tangible benefits will help win public support.

Rebuilding Trust in Institutions: Strengthening governance, improving transparency, and tackling corruption are essential to ensure that reforms are seen as credible and effective.

The Nigerian Reality
Nigeria’s reform agenda has been met with resistance from citizens grappling with higher living costs and reduced public services. Labour unions have staged strikes, and civil society groups have accused the government of failing to provide adequate safety nets for vulnerable populations.

The IMF acknowledges these challenges but insists that success hinges on trust and inclusivity. “Opinion surveys indicate that trust in the government’s ability to use public resources to promote the population’s well-being is still relatively low in many Sub-Saharan African countries,” the report notes.

The IMF also warns that reforms without complementary measures—such as job creation and social inclusion policies—risk perpetuating social frustration and undermining long-term economic stability.

Turning Pain into Gains
While reforms are painful, the IMF underscores their necessity for unlocking durable and inclusive growth. “As painful as the current policy choices are, deeper and broader reforms will be required to guarantee that countries reap the gains, and not just the pain, of reform,” the report states.

The Fund advises African leaders to demonstrate upfront wins, such as improved infrastructure, better service delivery, and robust economic policies, to galvanize public confidence in the reform process.

The Bigger Picture
The IMF’s Regional Economic Outlook serves as a roadmap for Sub-Saharan Africa’s policymakers, navigating a delicate balance between fiscal adjustments and social harmony. For Nigeria, the report presents an opportunity to recalibrate its approach, engage its citizens meaningfully, and deliver reforms that prioritize the welfare of the people.

By rethinking reform strategies and implementing the IMF’s recommendations, Nigeria could not only weather its current challenges but emerge as a stronger and more inclusive economy. The onus, however, lies with the government to prove that these reforms are for the collective good and not just a painful necessity.

Continue Reading

Cover Of The Week

Trending