Supreme Court Upholds Honeywell’s N5.5 Billion Indebtedness To Ecobank

0
353

The Supreme Court has dismissed an appeal by Honeywell Flour Mills Limited challenging the judgement of the Court of Appeal in a N5.5 billion debt dispute with Ecobank Nigeria Limited.

It was gathered that a five-member panel of the Supreme Court, led by Tijjani Abubakar, delivered the judgement on the substantive issues in the case on Friday. They said Honeywell, Anchorage, and Siloam were indeed indebted to Ecobank.

However, the court held that the firms’ appeal succeeded in part, declaring that they were right to commence their suit at the Federal High Court in Lagos.

The Supreme Court also held that the Court of Appeal was wrong to have held that the trial court lacked jurisdiction to have heard Honeywell’s case in the lead judgement delivered by Emmanuel Agim.

Supreme Court Upholds Honeywell’s N5.5 Billion Indebtedness To Ecobank

“This appeal succeeds in part in respect of issues numbers one and two… Accordingly, I hold that the appellants have the locus standing to sue and that the trial court has the jurisdiction to determine the suit,” Agim said.

However, the Supreme Court declared the verdict of the Court of Appeal, which said Honeywell and its sister companies are still indebted to Ecobank.

“I affirm the judgment of the Court of Appeal, setting aside the decision of the Federal High Court, granting the reliefs claimed for by the appellants (Honeywell).
“I hold that the appellants’ claim at the trial court fails and it is hereby dismissed.

“The appellants shall pay the cost of N1 million to the respondent (Ecobank),” Agim said.

Source: Nairametrics