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

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10 years ago

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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.

 

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PUBLIC NOTICE*: Revalidation of UNIPGC Organizational Status 

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5 hours ago

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April 24, 2026

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PUBLIC NOTICE*: Revalidation of UNIPGC Organizational Status 

*PUBLIC NOTICE*: Revalidation of UNIPGC Organizational Status 

 

To prevent any misunderstanding regarding our affiliation with the United Nations, we hereby provide a formal clarification on the status and identity of the United International Peace and Governance Council (UNIPGC), formerly known as IPGC.

 

UNIPGC is an independent Civil Society Organization and Non-Governmental Organization with continental chapters registered in the United States, Germany, Canada, and several countries across Africa. The organization is committed to promoting the values and principles of the United Nations, particularly in advancing Sustainable Development Goal 16 (Peace, Justice, and Strong Institutions), as well as advocating for good governance globally.

 

In furtherance of its mandate, UNIPGC has established partnerships with reputable diplomatic civil society organizations, including the United Nations Association of Nigeria and the United Nations Association of Ghana. These collaborations are aimed at strengthening its engagement with initiatives aligned with United Nations ideals.

 

Additionally, UNIPGC has entered into diplomatic relations with the International Organization for Economic Development (IOED), an Intergovernmental Organization (IGO), to enhance its capacity for international cooperation and diplomatic engagement.

PUBLIC NOTICE*: Revalidation of UNIPGC Organizational Status 

We wish to clearly state that UNIPGC is **not** an entity, agency, or organ of the United Nations.

 

Members of the public and media practitioners are respectfully advised to refer to the organization by its full and correct name: **United International Peace and Governance Council (UNIPGC)**, and not as the United Nations.

 

Thank you.

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Laffmattazz Announces Strategic Partnership with First Bank of Nigeria Limited for 2026 International Tour

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8 hours ago

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April 24, 2026

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Laffmattazz Announces Strategic Partnership with First Bank of Nigeria Limited for 2026 International Tour

 

 

 

Laffmattazz, one of Nigeria’s foremost comedy and live entertainment brands, is pleased to announce its official partnership with First Bank of Nigeria Limited for the highly anticipated Laffmattazz 2026 International Tour, themed “Next Chapter: A New Season of Laughter.”

 

Now in its 15th year, Laffmattazz—the brainchild of renowned Nigerian comedian Gbenga Adeyinka (Gbenga Adeyinka 1st)—has evolved into a cultural phenomenon, celebrated for its seamless fusion of comedy, music, and live stage performances.

 

The 2026 tour, which kicked off on Easter Sunday, April 5th, 2026 at the Jogor Centre, Ibadan, marks a significant milestone in the brand’s journey. Building on over a decade of success across Nigeria, this year’s edition signals a bold expansion into the international market, with a multi-city run in Canada, alongside major stops in Akure, Abeokuta, and Lagos.

 

This strategic partnership with First Bank of Nigeria Limited underscores a shared commitment to excellence and innovation. It is also aligned with FirstBank’s First@Arts initiative—a significant and ongoing program dedicated to supporting the creative arts, entertainment, and cultural sectors. Through this initiative, FirstBank provides financing, advisory services, and actively fosters a sustainable value chain for artists and creative entrepreneurs, while supporting key industry platforms such as the Nigerian Entertainment Conference.

 

Speaking on the collaboration, the Laffmattazz team stated:

 

“We are delighted to welcome First Bank of Nigeria Limited as a strategic partner for the Laffmattazz 2026 International Tour. As we mark 15 remarkable years of Laffmattazz, this partnership reinforces our vision to take premium Nigerian entertainment beyond borders, while delivering even bigger, better, and more memorable experiences for our audiences.”

 

As a key partner, First Bank will enrich the tour through innovative customer engagement initiatives, experiential activations, and exclusive fan experiences across all tour locations.

 

With its distinctive blend of humor, culture, and live entertainment, the Laffmattazz 2026 Tour is poised to connect audiences across cities and continents, bringing laughter to thousands of fans worldwide.

 

⸻

 

About Laffmattazz

 

Laffmattazz is a premier Nigerian comedy and entertainment brand, now in its 15th year, renowned for its vibrant live shows and nationwide tours. Founded by Gbenga Adeyinka 1st, the brand continues to deliver high-quality experiences that celebrate creativity, culture, and laughter.

 

About First Bank of Nigeria Limited

 

First Bank of Nigeria Limited is Nigeria’s oldest financial institution, widely respected for its legacy of trust, innovation, and customer-centric financial solutions that support economic growth and development. Through its First@Arts initiative, the Bank continues to play a pivotal role in empowering the creative industry and driving sustainable growth across the sector.

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Business

MREIF is Better: FirstBank’s Mortgage Loan Is the Game-Changer for Home Ownership in Nigeria

Published

1 day ago

on

April 23, 2026

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FirstBank Set to Launch Tailored Financial Services for Blind and Physically Challenged Customers  

MREIF is Better: FirstBank’s Mortgage Loan Is the Game-Changer for Home Ownership in Nigeria

 

 

 

Anyone who has tried to get a loan to buy a house in Nigeria knows the drill: endless forms, property valuation, and eventual down payment of a minimum 25% or more on the property. Sometimes, interest rates could go as high as 30% per annum, while the typical loan limit is N50 million.

 

 

 

Now, FirstBank is making homeownership more attractive.

 

 

 

FirstBank, in partnership with the Ministry of Finance Incorporated (MOFI), has introduced the MREIF Home Loan. MREIF loan is a game-changer, offering a single-digit interest rate of 9.75% per annum, with a loan amount of up to ₦100 million and a repayment period of up to 20 years. This is perfect for salaried individuals, including Nigerians in the diaspora, looking to purchase homes in approved locations.

 

The MREIF loan stands out with its lower interest rate, higher loan amount, and flexible equity contribution as low as 10%. This makes it an attractive option for those seeking affordable homeownership.

 

 

 

You are one quick decision away from being a landlord.

 

 

 

If you’ve been waiting for the right time to buy a home, FirstBank’s MREIF Home Loan is the smartest route to owning property in Nigeria today. Visit the FirstBank website https://www.firstbanknigeria.com/personal/loans/mreif-home-loan/ to get started.

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