Ecobank vs Otudeko: Court Fixes June 21 for Ruling over Alleged N5.5bn Debt

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Ecobank vs Otudeko: Court Fixes June 21 for Ruling over Alleged N5.5bn Debt

By Correspondent

Justice Jude Kanyoh Dagat of a Federal High Court has fixed June 21, for ruling in a debt recovery suit filed by Ecobank Plc against one of the companies belonging to Dr Oba Otudeko, Anchorage Leisures Limited.Justice Dagat fixed the date after listening to arguments of lawyers representing the two parties.At the hearing of the suit which was slated for hearing of three out of the five pending applications before the judge, Mr Kunle Ogunba (SAN), informed the court that Honeywell Group was trying to avoid paying the debt it owed the bank.He informed the court that Otudeko’s company wanted to bury the fact of its indebtedness to the bank by engaging in subterfuge.”˜They are throwing all spanners in the work to avoid paying the debt. As I speak, the indebtedness is over N4 billion,’ Ogunba said.However, the respondent, Anchorage Leisures Limited, through its lawyer, Bode Olanipekun, informed the court that it had fully liquidated its indebtedness to the bank.Anchorage Leisure informed the court that the bank have not stated how much it owed, and did not exhibit its statement of account to show that it is indebted.”˜It is the law that where there is no statement of account, a party is not entitled to any indulgence,’ Olanipekun said.Anchorage Leisures therefore urged the court to dismiss the bank’s prayers.The bank, Ecobank Nigeria Limited had approached the court to restrain Anchorage Leisures Limited from accessing its funds in 20 banks over an alleged N5.5 billion debt.The bank had also claimed that Anchorage and its sister companies, Honeywell Group Nigeria Limited and Honeywell Flour Mills Plc, all owned by billionaire mogul, Dr Oba Otudeko, are indebted to it.The bank had stated that Honeywell Group should be barred from accessing its funds in Zenith, Access, Citibank, Standard Chartered, Wema, Enterprise, Union, First, Skye, Sterling and Unity banks.Others are Keystone, United Bank for Africa, Mainstreet, First City Monument, Diamond, Stanbic IBTC, Guarantee Trust, Fidelity and Ecobank.The court presided over by Justice Mohammed Yunusa, had, last October 27, 2015, granted an interim injunction preserving the res (funds) pending hearing of the bank’s application for the appointment of a provisional liquidator over Anchorage’s assets.”˜The interim order made on October 27, 2015, was made particularly to prevent the respondent from dissipating its funds in the custody of all the banks listed.”˜There is urgent need to preserve the rest of the appeal to avoid foisting a situation of helplessness on the Court of Appeal, a superior court of record,’ Ecobank said.However, the court led by Justice Dagat had on March 18, 2016, discharged the interim orders made against Anchorage last October 27, but Ecobank appealed the decision.

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