Ecobank Nigeria Ltd on Friday vowed to appeal the Lagos Federal
High Court judgment in which the court held that Honeywell Group
was not indebted to the bank.
The bank’s lawyer Kunle Ogunba (SAN) said he would consult with
his client with a view to filing the appeal after further reviewing
the judgment.
“Of course we do not agree with the judgment because the
plaintiffs are still indebted to my client.
“We’ll definitely challenge the judgment on appeal,” Ogunba said
when contacted by newsmen.
Justice Ayokunle Faji declared that Honeywell Flour Mills Plc
and its sister companies were not indebted to Ecobank Nigeria.
The judge made the declaration on Friday while delivering
judgment in a suit filed by Honeywell against Ecobank.
Honeywell and its sister companies had, in their suit, sought
the court’s declaration that they do now owe Ecobank, contrary to
the bank’s claim they were indebted to the bank to the tune of
N5.5billion.
The companies urged the court to hold that having made a full
and final payment of N3.5billion as agreed at a July 22, 2013
meeting, they were no longer indebted to the bank.
But the bank insisted that in paying the N3.5billion, the firms
did not comply with the terms of agreement.
It contended that the firms breached the agreement that the
money would be paid before the end of August 2013 when examiners
from the Central Bank of Nigeria (CBN), who were in the bank to
examine its books, would leave.
But the firms contended that the bank failed to tell it when
exactly the CBN examiners were to leave, adding that it made the
final payment on December 12, 2013.
In his judgment on Friday, Justice Faji ruled in favour of
Honeywell and its sister companies, holding that they were no
longer indebted to the bank.
The judge also awarded a cost of N250, 000 against the bank in
favour of Honeywell and its sister companies.
Subscribe ToNairalaw News!
Read more ecobank-to-challenge-judgment-in-honeywell-case-on-appeal/