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N3.5bn unpaid loan: Court hears Ecobanks appeal against Honeywell Feb 22

By Innocent Anaba

lagos—The Court of Appeal sitting Lagos, yesterday, adjourned till February 22, 2016 to hear a cross appeal by Ecobank Nigeria Ltd against Honeywell Flour Mils Plc, over alleged N3.5 billion unpaid loan.

It will be recalled that the Ecobank had on November 18, 2015 filed an-exparte application before a Federal High Court in Lagos, seeking an order, freezing the account of the respondent.

Justice Mohammed Yunusa of the lower court had on the said date, issued an interim order, freezing the respondent’s account, but subsequently varied the order on December 4, 2015, and held that Honeywell could withdraw a minimum of N15 million weekly.

Dissatisfied with the decision of the lower court, Honeywell through its lawyer, Chief Wole Olanipekun, SAN, appealed, seeking an order suspending the ex-parte orders made by the lower court on November 18, 2015.

The respondent also sought in the alternative, an order, varying the orders of the Federal High Court delivered on December 4, 2015.

At the hearing in the matter, yesterday, Olanipekun informed the court of pending applications before it, and sought to proceed with arguin same.

The presiding judge, Justice C. Iyizoba, however, told  counsel that the application was not ripe for hearing.

In the same vain, counsel to Ecobank, Mr Kunle Ogunba, SAN,  informed the court of his notice of cross appeal number CA/L/1261/2016 against Honeywell’s appeal number CA/L/1247/ 2015.

Justice Iyizoba observed that since the appeal was a cross appeal, it should bear the same suit number with Honeywell’s appeal.

The appellate court, subsequently adjourned till February 22 to hear Ecobank’s cross appeal alongside Honeywell’s appeal and two other suits involving the same parties, and bordering on the same subject matter.


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