Alleged N5.5bn loan: Appeal Court strikes out Ecobank’s pending appeals

Alleged N5.5bn loan: Appeal Court strikes out Ecobank’s pending appeals

The Court of Appeal in Lagos on Tuesday struck out the three pending appeals filed by Ecobank against the ruling of a Federal High Court in Lagos over alleged indebtedness of Honeywell Plc to the bank.

The Appeal Court had in a judgement delivered on March 30 set aside the exparte orders by the Federal High Court in favour of Ecobank and described it as injudicious.

However, Ecobank filed a motions for injunctions pending appeal with a view to preventing Honeywell from taking full advantage of the judgement delivered in its (Honeywell’s) favour by the Appeal Court.

Honeywell also filed a counter affidavit in response to the motions for injunctions filed by Ecobank.

At the hearing of the appeal today, Ecobank lawyer Mr. O O Kushimo informed the court of a notice of withdrawal filed by the bank.

Also, lawyer to Honeywell Bode Olanipekun did not object to the withdrawal.

Consequently the appellate court presided over by Justice Sidi Bage struck out Ecobank’s motion for injunction pending appeal in suit no: CA/L/1247/2015, dated March 31, 2016, Ecobank’s motion for stay of proceedings in suit no: CA/L/1270/2015, dated April 1, 2016; and Ecobank’s motion for stay of proceedings in suit no: CA/L/65/2016, also dated April 1, 2016 respectively.

But the decision of the Court of Appeal to strike out all Ecobank’s applications is to the effect that Ecobank cannot restrict Honeywell’s related businesses.

It will be recalled that the Federal High Court of Lagos, through a judgement by Justice Jude Dagat, delivered yesterday 27th June, 2016, also struck out Ecobank’s petitions against Honeywell and its sister companies in a related matter.

Justice Dagat noted that a court faced with winding up application, must first determine if the petition was brought in good faith.

Read also: How Ecobank staff transferred depositors’N11m to son’s account

The judge stated that Ecobank was aware that Honeywell had challenged the alleged debt, and instituted a suit before a sister court presided over by Justice Mohammed Idris, who ruled that parties should maintain status quo antenna bellum.

The court held that despite these orders, Ecobank started its forum shopping by filing winding up petitions against Honeywell.


Related Articles

Kemi Adeosun, Fowler, others to deliver lecture on Revenue

The Coordinating Minister of the Economy and Minister of Finance, Kemi Adeosun will lead other top stakeholders to deliver a

FAYOSE IN SOUTH AFRICA TO MEET BUHARI

Ekiti State Governor, Mr. Ayodele Fayose was on Sunday spotted at Johannesburg International Airport(pictured) with an aide on his way

EDO STATE MINISTRY OF EDUCATION DIRECTOR COMMITS SUICIDE AFTER LONG BATTLE WITH DIABETES

An Assistant Director with Edo State Ministry of Education, Mrs. Kate Edokpayi has committed suicide after a long battle with


x

Other Interesting Posts

Nigerian diplomat's son jailed for killing prostitute after raping her
The son of a Nigerian government official, Bala Chinda, has been jailed for life in Scotland for killing a Nigerian prostitute, Jessica McGraa af...
Ex-lawmaker accuses pastor of sleeping with wife in church
Mr. Leonard Dilcon, a former member of the House of Representatives, has accused the General Overseer of God’s Grace Divine Mission(GGDM), Jos, P...
Unimaid mosque bomb blast: Prof. Aliyu Mani's widow reveals her last words to him
Widow of Prof. Aliyu Mani, Dr. Umma Mani, has revealed her last words to her late husband, who was killed in a bomb blast at a mosque in Universi...
powered by RelatedPosts