Honeywell companies no longer indebted to Ecobank – Oba Otudeko

Date:

confirmed that the Honeywell companies are no longer indebted to Ecobank Nigeria. Otudeko said Honeywell had paid a total of N3.5 billion to Ecobank as full and final settlement of all its obligations to the bank.

Thank you for reading this post, don't forget to subscribe!

Otudeko made this statement known to newsmen on Wednesday when he gave evidence in the ongoing matter instituted by Honeywell against Ecobank before His Lordship, Justice Idris, of the Federal High Court, Lagos Judicial Division.

Oba Otudeko Led in cross-examination by Honeywell’s counsel, Chief Wole Olanipekun, SAN, Otudeko affirmed that the Honeywell companies, following an agreement reached with the MD of Ecobank Jibril Aku and other executives of the bank on July 22nd 2013, paid a total sum of N3.5 billion as full and final settlement of Honeywell’s obligations to the bank.

Prior to giving evidence, Ecobank’s counsel, O.A. Divine sought to stall proceedings by making an application to adjourn the matter on the basis that yet another appeal and an application for stay of proceedings had been filed just yesterday at the Court of Appeal.

Honeywell ‘s counsel, Chief Wole Olanipekun, SAN however objected to the oral application for adjournment stating that the matter for the day was the delivery of a ruling regarding the issue of cross examination of Ecobank’s witness, Dr. Oba Otudeko. Olanipekun said the application was an abuse of court process as it was an attempt to arrest the ruling of the court.

After listening to arguments of counsel, Justice Idris ruled that he was unable to place any value on the application to stay proceedings because the copy presented to the court by Ecobank’s counsel was not a certified-true-copy.

On the issue of the matter for the day, Justice Idris also affirmed that indeed the “ruling of the court cannot be arrested”.

Justice Idris subsequently ruled that cross examination should proceed. Chief Wole Olanipekun, SAN concluded the cross examination of Dr. Oba Otudeko and Ecobank’s counsel declined to re-examine him.

The witness was thereafter discharged. It appears that Ecobank’s strategy to call Oba Otudeko as its star witness fell flat on its face as counsel was unable to extract any testimony from Otudeko to support Ecobank’s case.

Despite being the party that invited the witness, Ecobank’s counsel abruptly declined to proceed with the witness. The matter was adjourned till 12th March, 2018.

Babatunde Akinsola
Babatunde Akinsolahttps://naija247news.com
Babatunde Akinsola is aNaija247news' Southwest editor. He's based in Lagos and writes on the Yoruba Nation political issues, news and investigative reports

Share post:

Subscribe

Popular

More like this
Related

Foundation to empower 4 graduates of Unilorin in agro-business

March 19, 2024. Azonuchechi Chukwu. The British American Tobacco Nigeria Foundation...

Troops rescues 16 kidnapped victims in Kaduna

March 19, 2024. Azonuchechi Chukwu. Troops of the Nigerian Army deployed...

IOM signs agreement with Japan to build 9 healthcare facilities in Adamawa

March 19, 2024. Azonuchechi Chukwu. The International Organization for Migration (IOM),...

FG raises N475.67 billion in March bond auction over rising rates rally

March 19, 2024. Azonuchechi Chukwu. The Federal Government has raised N475.67...

Discover more from Naija247news

Subscribe now to keep reading and get access to the full archive.

Continue reading