Lagos – The Bankers’ Committee has waded into
the dispute between Ecobank and Honeywell Group over repayment of a N3,5
billion facility granted by Ecobank.
The committee, an umbrella body which comprises the
Central Bank of Nigeria, deposit money banks (DMBs) and discount houses in
Nigeria, insisted Honeywell did not owe the complainant.
From the records before the court, the Bankers’ Committee
has ruled that Honeywell Group has fully discharged its obligation with regard
to settling the facility granted it by Ecobank.
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The Committee’s position was contained in a ruling by its
Sub-Committee on Ethics and Professionalism which was mandated to investigate
According to the umbrella body, the records before the
court revealed that following a thorough investigation of the matter, the
Sub-Committee ruled that the agreement between Honeywell Group and Ecobank to
the effect that Honeywell Group pays N3,5 billion as full and final payment of
the borrowers’ indebtedness was valid, binding and should be complied with.
“Honeywell on its part has fulfilled its obligations and
Ecobank should likewise fulfill its own obligations,” read a statement obtained
from the Bankers’ Committee.
In the matter ongoing at the courts, Honeywell
has prayed that the ruling of the Bankers’ Committee be withheld in its favour,
following Ecobank’s refusal to do same.
- CAJ News