N5.5bn Debt: Supreme Court Affirms Judgment against Honeywell, Others over Debt to Ecobank Alex Enumah in Abuja The Supreme Court has upheld an earlier judgment of the Court of Appeal given against Honeywell Flour Mills Plc and two other fi
The Supreme Court has upheld an earlier judgment of the Court of Appeal given against Honeywell Flour Mills Plc and two other firms in a dispute with Ecobank over unsettled debt.
In a judgment on Friday, a five-member panel of the apex court upheld the arguments by Ecobank’s lawyer, Kunle Ogunba and affirmed an earlier judgment of the Appeal Court, Lagos, which set aside the May 21, 2019 decision of the Federal High Court in Lagos. He also held that the Court of Appeal was wrong to have held that the trial court lacked jurisdiction to have heard Honeywell’s case.
“The appellants shall pay the cost of N1million to the respondent. The cross appeal, was subsumed in the argument of the main appeal. It is no longer relevant,” Justice Agim said. They also urged the court to hold that Ecobank “was obligated to issue letters of discharge, release collaterals by which the prior indebtedness was secured.”
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