By Innocent Anaba

Lagos—The Court of Appeal sitting in Lagos, yesterday, reserved judgment in the appeal by Honeywell Group, asking the court to vacate an order limiting its financial transaction.

The appellate court also reserved for judgment Ecobank’s cross appeal bordering on the same subject matter.

Justice Mohammed Yunusa of a Federal High Court, Lagos had on December 14, 2015 granted the interim order in the suit between Ecobank Plc and Honeywell Group.

The suit is sequel to an alleged N3. 5 billion unpaid loan facility granted by Ecobank to Honeywell.

Yunusa had issued an interim order, limiting Honeywell to N15 million weekly withdrawals from the company’s account.

Dissatisfied, Honeywell appealed and prayed the court to set aside the interim order.

At the hearing of the appeal yesterday, the 3-man panel of Justices presided over by Justice Sidi Bage reserved judgment after counsel to Honeywell Chief Wole Olanipekun, SAN and that of Ecobank, Mr. Kunle Ogunba, SAN, adopted their briefs of arguments.

Adopting appellant brief dated December 24, 2015, Olanipekun, SAN, urged the court to allow the appeal and set aside the ex-parte order made by Justice Yinusa.

Olanipekun urged the Justices to see the appeal as a “Save Our Soul’ from the appellant”, adding that the activities of the Honeywell Group had been paralysed as a result of the ex-parte order granted by the lower court.

Opposing the appeal, counsel to Ecobank, Ogunba, SAN, argued that it was a misconception that the appeal by Honeywell was as a result of ex-parte order granted by the lower court, stressing that the ex-parte order had been varied by the lower court on December 4, 2015.