Ecobank Nigeria Limited has appealed the ruling of the Federal High Court in Lagos, which ordered the bank to pay Honeywell Flour Mills Plc N72 billion. The appeal, filed on July 19, 2023, seeks to overturn the judgment and challenges the jurisdiction of the Federal High Court to preside over the matter.
In the notice of appeal, Ecobank requested the Court of Appeal to uphold its Notice of Preliminary Objection, arguing that the court lacked the power to entertain a claim for damages based on an undertaking made by the bank, considering the Supreme Court’s judgment that confirmed Honeywell’s indebtedness to Ecobank and directed Honeywell to settle its obligations.
Ecobank also raised concerns about the delay in delivering the judgment, stating that it was delivered more than two years after the trial’s conclusion, leading to a miscarriage of justice against the bank.
The bank is also seeking a stay of execution of the lower court’s judgment and wants to prevent Honeywell or any party acting on their behalf from taking advantage of the ruling pending the appeal hearing. They also aim to restrain the Deputy Sheriff of the Federal High Court, bailiffs, and other parties from enforcing the judgment.
Ecobank remains committed to recovering the debts owed by Honeywell and believes that overturning the judgment is crucial for ensuring the continued support and growth of local businesses by the bank.
Punch.