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Bankers body backs Honeywell in feud with Ecobank

11 December 2015, 09:04Okoro Chinedu

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.

Also Read: Ecobank MD Aku to step down

The Committee’s position was contained in a ruling by its Sub-Committee on Ethics and Professionalism which was mandated to investigate the issue.

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


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