N3.5 billion loan: Ecobank Initiates Cross Appeal Against Honeywell

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N3.5 billion loan: Ecobank Initiates Cross Appeal Against Honeywell

By Correspondent

The Lagos Division of the Court of Appeal sitting in Igbosere, on Wednesday, gave February 22, 2016, as the day to entertain a cross appeal filed by Ecobank Nigeria Ltd, against Honeywell Flour Mills Plc, over alleged unpaid N3.5 billion loan. It would be recalled that the financial institution, had on Nov. 18, 2015 instituted an exparte application before the Federal High Court sitting in Ikoyi, Lagos, praying for an order, freezing the account of the respondent. Specifically, the lower court, presided over by Justice Mohammed Yunusa, on the said date, gave an interim order, freezing the respondent’s account. The judge, however varied the order on December 4, 2015, and held that Honeywell could withdraw a minimum of N15 million weekly. However, not satisfied with the decision of Justice Yunusa, Honeywell through its lawyer, Wole Olanipekun (SAN), initiated an appeal, asking for an order suspending the exparte order 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. However, when the case was called before the Appellate Court, Olanipekun informed the court of pending applications before it, and sought to proceed with moving same. The senior lawyer prayed the court to allow him proceed with the application on the ground that it was an “SOS’ since it affected a large number of people in the employment of Honeywell. The Appeal Court, presided over by Justice C.E Iyizoba however, told the SAN that the application was not ripe for hearing. In a similar development, Ecobank’s lawyer, Kunle Ogunba (SAN) notified the court of his notice of cross appeal number CA/L/1261/2016 against Honeywell’s appeal number CA/L/1247/ 2015. This prompted Justice Iyizoba to give an order that since the appeal is a cross appeal, it should bear the same suit number with Honeywell’s appeal. The Appeal Court then fixed February 22, 2016 to hear Ecobank’s cross appeal, and two other suits involving the same parties, and bordering on the same subject matter.

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