Ecobank Nigeria Plans Appeal After N72 Billion Court Setback Citing Perceived Perversity | Cliptv Online

Ecobank Nigeria Limited has expressed its intention to appeal a recent judgement by the Federal High Court in Lagos, which ruled in favor of Honeywell Flour and ordered the bank to pay the sum of N72 billion. Ecobank contends that the judgement is perverse and lacks merit, asserting its confidence in overturning the decision in higher courts.

The dispute between Ecobank Nigeria and Honeywell Flour dates back to 2018 when the latter filed a lawsuit seeking the enforcement of the bank’s Undertaking as to Damages, connected to a Winding Up Petition and Ex-Parte Orders previously granted to Ecobank. The bank vehemently opposed the action, challenging the jurisdiction of the Federal High Court and citing that the suit did not fall under the scope of Section 251 (d) of the Constitution. The case concluded in March 2021, with both parties presenting their final written addresses.

In January 2023, the Supreme Court ruled in favor of Ecobank in another case, stating that Honeywell remained indebted to the bank. Following this favorable judgment, Ecobank filed a motion to dismiss the current suit, asserting that it had become irrelevant. However, the Federal High Court dismissed Ecobank’s applications, maintaining jurisdiction and affirming the suit’s relevance.

Ecobank claims that the court’s judgement overlooked crucial factors, including the discharge of the Ex-Parte Orders on legal grounds rather than frivolous acquisition by the bank. The bank also contends that Honeywell’s claims of damages covering three years were unsubstantiated by the documents presented, which were purportedly non-existent. Additionally, documents from other banks revealed Honeywell’s indebtedness, raising doubts about the frozen funds.

As a member of the Ecobank Group, Ecobank Nigeria affirms its dedication to transparency and adherence to laws and regulations in all the countries it operates. The bank emphasizes the need for a conclusive resolution of the matter through the proper judicial process.

Ecobank Nigeria’s decision to appeal the N72 billion court judgement underscores its resolve to challenge the perceived injustice in higher courts. The ongoing legal battle between the bank and Honeywell Flour continues to draw attention, with both parties steadfast in their positions. As the appeal process unfolds, the case’s outcome will shape the future implications for the financial and legal landscape in Nigeria.