Honeywell Group said there is no judgment against it and three other companies alleged by Ecobank Nigeria to have been ordered to pay some outstanding debts by the Supreme Court of Nigeria.
The group said in a Tuesday statement seen by PREMIUM TIMES that no judgment of monetary award has been delivered, making the four companies liable to Ecobank.
Ecobank, through its solicitors Kunle Ogunba & Associates, had earlier on 7 July claimed the four entities owe the bank the sum of N13.5 billion as of 31 January, 2023.
This, it stated in a letter to the CEO of FBN Holdings, asking the financial services group not to approve the 4.8 billion shares recently acquired by Barbican Capital, an affiliate of Honeywell Group until the debt is cleared.
Mr Otudeko, a former chair of FBN Holdings, was ousted by the Central Bank of Nigeria in April 2021 for anti-corporate governance practices.
The other three companies mentioned are Anchorage Leisures Limited, Honeywell Flour Mills Plc and Siloam Global Services Limited, a company dominantly owned by the Otudeko’s family and which holds a 75 per cent stake in Honeywell Flour.
“We find it surprising that a professional organisation would be writing to a company in which we have invested in with spurious allegations without copying us in said letter,” Honeywell Group said, referring to Ecobank.
“Neither Mr Oba Otudeko, nor Honeywell Group Limited, were parties to the suit covered by the Supreme Court judgement. There is no judgment against either of them,” it added.
The Group went further to say it would not comment on “matters which are subject of pending litigation.”
Rejoinder
In a rejoinder to the managing director of FBN Holdings issued on Monday, Honeywell Group and Mr Otudeko, through their solicitors, Wole Olanipekun, urged the financial services group to disregard all the requests made by Ecobank in its earlier letter.
It insisted the sum of N13.5 billion is not contained in the Supreme Court decision or any extant court decision in Nigeria.
“For his conduct whilst prosecuting the case, Mr Kunle Ogunba, Ecobank’s Counsel was sanctioned for grievous professional misconduct, leading to him losing his privileged status of Senior Advocate of Nigeria,” Honeywell Group said in another document seen by PREMIUM TIMES.
FBN Holdings had on Saturday, a day after Ecobank’s lawyers wrote its CEO to refrain from ratifying the newly acquired shares, formally notified the Nigerian Exchange of the purchase of 4.8 billion shares by Barbican Capital translating to a 13.3 per cent holding in the company.
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Honeywell Group said there is no judgment against it and three other companies alleged by Ecobank Nigeria to have been ordered to pay some outstanding debts by the Supreme Court of Nigeria.
The group said in a Tuesday statement seen by PREMIUM TIMES that no judgment of monetary award has been delivered, making the four companies liable to Ecobank.
Ecobank, through its solicitors Kunle Ogunba & Associates, had earlier on 7 July claimed the four entities owe the bank the sum of N13.5 billion as of 31 January, 2023.
This, it stated in a letter to the CEO of FBN Holdings, asking the financial services group not to approve the 4.8 billion shares recently acquired by Barbican Capital, an affiliate of Honeywell Group until the debt is cleared.
Mr Otudeko, a former chair of FBN Holdings, was ousted by the Central Bank of Nigeria in April 2021 for anti-corporate governance practices.
The other three companies mentioned are Anchorage Leisures Limited, Honeywell Flour Mills Plc and Siloam Global Services Limited, a company dominantly owned by the Otudeko’s family and which holds a 75 per cent stake in Honeywell Flour.
“We find it surprising that a professional organisation would be writing to a company in which we have invested in with spurious allegations without copying us in said letter,” Honeywell Group said, referring to Ecobank.
“Neither Mr Oba Otudeko, nor Honeywell Group Limited, were parties to the suit covered by the Supreme Court judgement. There is no judgment against either of them,” it added.
The Group went further to say it would not comment on “matters which are subject of pending litigation.”
Rejoinder
In a rejoinder to the managing director of FBN Holdings issued on Monday, Honeywell Group and Mr Otudeko, through their solicitors, Wole Olanipekun, urged the financial services group to disregard all the requests made by Ecobank in its earlier letter.
It insisted the sum of N13.5 billion is not contained in the Supreme Court decision or any extant court decision in Nigeria.
“For his conduct whilst prosecuting the case, Mr Kunle Ogunba, Ecobank’s Counsel was sanctioned for grievous professional misconduct, leading to him losing his privileged status of Senior Advocate of Nigeria,” Honeywell Group said in another document seen by PREMIUM TIMES.
FBN Holdings had on Saturday, a day after Ecobank’s lawyers wrote its CEO to refrain from ratifying the newly acquired shares, formally notified the Nigerian Exchange of the purchase of 4.8 billion shares by Barbican Capital translating to a 13.3 per cent holding in the company.
Support PREMIUM TIMES’ journalism of integrity and credibility
Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.
For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.
By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.
Donate
TEXT AD: Call Willie – +2348098788999