By Onyewuchi Ojinnaka
Justice Ayokunle Faji of a Federal High Court Lagos Nigeria on Friday declared that Honeywell Flour Mills Plc and its sister companies were not indebted to Ecobank Plc.
The judge made the declaration while delivering judgment in a suit filed by Honeywell against Ecobank.
Honeywell and its sister companies (plaintiffs) had, in their suit, sought court’s declaration that they were not indebted to Ecobank, contrary to the bank’s claim that they were indebted to it to the tune of N5.5billion.
The companies had prayed the court to hold that having made a full and final payment of N3.5billion as agreed at a July 22, 2013 meeting, they were no longer indebted to the bank.
But the bank insisted that in paying the N3.5billion, the firms did not comply with the terms of agreement.It contended that the firms breached the agreement that the money would be paid before the end of August 2013 when examiners from the Central Bank of Nigeria, who were in the bank to examine its books, would leave.
But the firms contended that the bank failed to say when exactly the CBN examiners were to leave, adding that it made the final payment on December 12, 2013.
In his judgment on Friday, Justice Faji ruled in favour of Honeywell and its sister companies, holding that they were no longer indebted to the bank.
The judge further awarded a cost of N250,000 against the bank in favour of Honeywell and its sister companies.
However, after the judgement, the Bank’s lawyer Kunle Ogunba said that he will review the judgement and after due consultation with his client, file an appeal.
“Of course we do not agree with the judgement because the plaintiffs are still indebted to my client” Ogunba said to newsmen.
“We ‘ll definitely challenge the judgement on appeal”, he further said.
