N5.5bn Debt: Supreme Court Affirms Judgment against Honeywell, Others over Debt to Ecobank

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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 firms in a dispute with Ecobank over unsettled debt.

Honeywell and its sister firms – Anchorage Leisures Limited and Siloam Global Limited – have been in dispute with their bank, Ecobank over disagreement about the settlement of a N5.5 billion debt.

Although the three companies claimed to have paid N3.5 billion in final settlement of their indebtedness to the bank, Ecobank has insisted that they were still in debt.

In a judgment on Friday, a five-member panel of the apex court upheld the arguments by Ecobank’s lawyer, Kunle Ogunba (SAN) 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.

In the lead judgment, Emmanuel Agim resolved two out of the three issues identified for determination in favour of the appellants and one in favour…



Source: Thisday Newspaper