Ecobank noted that it initiated a legal action against Honeywell Group Limited, Anchorage Leisures Limited, Siloam Global Services Limited and Mr Otudeko at the Federal High Court in Lagos, aimed at recovering the debt.
According to the document, the four disputed their indebtedness to Ecobank, but a Supreme Court judgment on 27 January 2023, affirmed the indebtedness, ordering them to pay N13.5 billion from the loan contract said to be personally guaranteed by Mr Otudeko.had written the Nigerian Exchange to notify the bourse of acquiring a 13.3 per cent holding in the financial services group by Barbican Capital Limited, an affiliate of Honeywell Group.
“Instead of taking urgent steps to repay their indebtedness in line with the mandate of the Supreme Court, it has come to our notice that Dr Oba Otudeko has taken active steps to divert his assets/funds and those of the debtor companies,” the lawyers said. Ecobank remarked through his solicitors that Mr Otudeko’s actions are targeted at diverting his assets and those of Honeywell Group of Companies through Barbican Capital so as to frustrate the execution of the apex court judgment against him.
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