Honeywell and its sister firms, Anchorage Leisures Ltd and Siloam Global Ltd, have been locked in a N5.5 billion debt dispute with Ecobank.
While Honeywell, Anchorage and Siloam claimed to have paid N3.5 billion as final payment for the debt, Ecobank insisted the firms were still indebted to it.
Honeywell, one of Nigeria’s largest manufacturers and marketers of wheat-based products, including flour, semolina, wheat meal, brown flour, pasta and noodles, had petitioned the LDPC, accusing Mr Ogunba of acts of misconduct. Delivering its judgement on the substantive issues in the case on Friday, a five-member panel of the Supreme Court led by Tijjani Abubakar, said Honeywell, Anchorage, and Siloam were indebted to Ecobank.
“This appeal succeeds in part in respect of issues numbers one and two… Accordingly, I hold that the appellants have the locus standi to sue and that the trial court has the jurisdiction to determine the suit,” Mr Agim said. In the suit, the companies urged the Federal High Court in Lagos to declare that “having paid the sum of N3.5 billion in cumulative settlement of their total outstanding indebtedness” to Ecobank, “they owned no further debt obligation” to Ecobank “arising from their banker-customer relationships.”
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