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No resolution yet to Ecobank, Honeywell dispute

23 February 2016, 20:14

Lagos – The Federal Court of Appeal in Lagos has reserved judgement on the appeal filed by Honeywell Flour Mills against the ruling of Justice Mohammed Yunusa of the Federal High Court in favour of Ecobank Nigeria.

The Federal Court of Appeal had on February 10 adjourned the matter to February 22 for hearing the appeal.

In his argument, lead counsel to Honeywell, Wole Olanipekun, prayed the court to vacate the exparte order granted because it was an abuse of court process.

Olanipekun said Ecobank had approached Justice James Tsoho of the Federal High Court, Lagos seeking far reaching restraining orders against Honeywell Flour Mills Plc.

However, Justice Tsoho heard the exparte application by Ecobank but refused same because of a pending suit before Justice Mohammed Idris of the Federal High Court filed by Honeywell as well as the fact that the documents attached to the motion showed the alleged indebtedness of Honeywell to Ecobank was in dispute.

Olanipekun stated that Ecobank was thereafter directed to put Honeywell on notice.

Also Read: Hearing into Ecobank, Honeywell row accelerated

However, instead of that, Ecobank filed another winding up petition before Justice Yunusa‎ in repetitive terms as the one before Justice Tsoho.

Ecobank also exhibited the same documents as the ones in the matter before Tsoho in which he had refused to grant the exparte order.

Olanipekun argued that the exparte order which Justice Yunusa subsequently granted to Ecobank contravened Order 4 of winding up rules which states that an exparte injunction could not be granted in a winding up application.

He prayed the court to vacate the exparte order made by Justice Yunusa as paralyzed the operations of the company and threatened the livelihood of over  ,000 Nigerians employed at Honeywell.

Counsel to Ecobank, Kunle Ogunba, opposed the appeal and urged the Court to strike out Honeywell’s appeal.

After hearing arguments and submissions from both counsels, the court stated that a date for ruling would be communicated to both parties involved in the payment dispute. Ecobank insists Honeywell pays a loan of R3,5 billion secured several years ago.

- CAJ News

Tags ecobank

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