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Tag: Honeywell

  • Judge halts Ecobank’s N5.5b debt suit against Honeywell

    Justice Mohammed Aikawa of the Federal High Court in Lagos on Tuesday suspended further proceedings in a suit filed by Ecobank Nigeria Limited seeking to recover an alleged N5.5billion debt from Honeywell Flour Mills Plc.

    The judge held that he would prefer to await the outcome of appeals on the case pending at the Supreme Court.

    According to him, it was not advisable to continue with the case since Honeywell was praying the Supreme Court to dismiss it.

    He said it would amount to an academic exercise if he went ahead to hear and determine the case and the Supreme Court ends up dismissing it.

    Justice Aikawa refused a prayer by the respondent’s counsel, Faith Adarighofua, to continue with the case.

    He held: “We have to await the outcome of the appeals pending at the Supreme Court even though there is no express order for stay of proceedings, because what is being challenged is the entirety of the suit itself.

    “Continuing with a case that is on appeal depends on the nature of the appeal. This appeal touches on the case in its entirety.

    “I’ll exercise my discretion to stay proceedings. If you go on with the matter and the Supreme Court rules otherwise, what you would have done here will be academic and an exercise in futility.

    “I don’t want a situation where we’ll create a judicial anarchy. Let me hear what the Supreme Court will say. If you want this court to hear this matter, then go to Supreme Court and withdraw your appeals,” Justice Aikawa said.

    Justice Aikawa, who was recently transferred to Lagos, took over the case from Justice Jude Dagat who inherited it from Justice Mohammed Yunusa.

     

     

  • Honeywell boss urges Nigerians on safety this yuletide

    The Managing Director/Chief Executive of Honeywell Flour Mills Plc, Mr. Lanre Jaiyeola has impressed on Nigerians the need to be safety conscious this yuletide.

    He gave this charge in Lagos over the weekend during Honeywell/ Federal Road Safety Corps (FRSC) ember month safety campaign flag-off.

    Justifying the need for the event, Jaiyeola said his company has remained committed to the road safety campaign because it considers safety very critical to the life of any organisation.

    “We consider safety very critical because we move our products to various locations in Nigeria therefore it’s very important that we not only encourage our drivers to be careful when they drive on the roads, but also to extend this to the generality of Lagosians and Nigerians to be safety conscious as they drive, especially at this time of the year when there is every tendency for people to be in a hurry, so this is the primary aim of our campaign on safe driving at this time of the year,” he said.

    Speaking further, he reiterated the need for Nigerians to take safety precautions at all times, especially during the festive period.

    While commending the management of Honeywell for considering road safety as part of their corporate social responsibility, Mr. Michael Olusegun Olapade, Deputy Corp Commander, FRSC, said the agency was thankful for its support over the years.

    Speaking on the theme of this year’s programme, tagged: ‘Crash the Crash, Olapade emphasised that speed kills. “When we look at the average speed of a person, we have discovered from statistics that over 50.8% of road traffic crashes are caused by speed, it is speed-related. Crashes should have been reduced to 50%. It has also proved that the fatality index speed carries over 20% of fatality when it comes to crashes so if speed can be removed from our activities, 20% of fatality will be reduced. And if there is any crash caused by any other activity it will be minimal,” he stressed.

     

  • Ecobank seeks to restrain Honeywell’s access to funds

    Ecobank Nigeria Limited has appealed a ruling by Justice Jude Dagat of the Federal High Court in Lagos, striking out its winding-up petition against Honeywell Group Limited and its sister company Anchorage Leisures Limited.

    Justice Dagat delivered the ruling on Monday on the basis that Ecobank’s suit was an abuse of court process.

    But, Ecobank, through its lawyer, Kunle Ogunba (SAN), lodged two appeals at the Court of Appeal in Lagos against the companies on seven grounds each.

    The bank is praying the court to set aside Justice Dagat’s consolidated ruling striking out the petition, as well as an order directing the Chief Judge of the Federal High Court to re-assign the petition to another judge for hearing.

    The appellant also urged the appeal court to grant its motion on notice dated November 26, 2015 before the lower court, seeking to strike out the respondents’ objection, for being an abuse of court process.

    Ecobank also filed a motion for an order of injunction restraining Honeywell and Anchorage or their agents from taking advantage of Justice Dagat’s ruling as it relates to their funds in all the banks in Nigeria pending the appeal’s determination.

    The appellant, in a June 28 letter to Justice Dagat, urged the court to “urgently assign a date for hearing of the duly filed injunction in the interest of justice and in pursuance of the abiding tenet to always hold the scale of justice evenly and balanced between contending parties.”

    Ecobank filed the winding-up petition over Honeywell Group’s inability to pay an alleged N5.5billion debt.

     

  • Court strikes out winding-up suit against Honeywell

    Court strikes out winding-up suit against Honeywell

    Justice Jude Dagat of the Federal High Court in Lagos yesterday struck out a winding up petition filed by Ecobank Plc against billionaire businessman Oba Otudeko’s three companies because a similar suit was already pending before another judge of the same court.

    The bank claimed that the sister companies – Anchorage Leisures Limited, Honeywell Group Nig. Limited and Honeywell Four Mills Plc – were indebted to it to tune of N5.5billion.

    Justice Jude Dagat held that it would be pre-emptive to entertain the winding-up petition when a similar suit was already before his brother-judge, Justice Mohammed Idris.

    He held that where a similar suit with almost the same issues for determination is pending before a court of coordinate jurisdiction, the new judge must refuse to adjudicate on the reliefs to avoid contradictions.

    Justice Dagat noted that a court faced with winding up application must first determine if it was brought in good faith.

    According to him, Ecobank knew that Honeywell was challenging the alleged debt and had instituted a matter before Justice Idris, who had ruled that parties maintain status quo ante bellum.

    Honeywell is claiming that it had made payments of about N3.5 billion as full and final settlement, but Ecobank said the debt was more than that.

    Justice Dagat further held that the matter before Justice Idris came first, therefore the subsequent petition by Ecobank constitutes an abuse of court process.

    He said: “The Supreme Court has made it clear that it would amount to a travesty of justice for any court to hear a matter that is already before another court of coordinate jurisdiction.”

    The judge ruled that if the court should proceed with Ecobank’s petition, it would create a conflict of decisions by different judges of the same court, which would not augur well.

    “Therefore, the preliminary objection succeeds and the petition is hereby struck out,” he ruled.

    Ecobank had urged the court to restrain the respondent from accessing their funds in all the banks, which is the subject of the winding-up petition.

    The bank, through its lawyer Mr Kunle Ogunba (SAN), claimed that when the “huge obligations”of the three sister companies hit N5.5billion, Otudeko had pleaded with the bank to grant them “huge concession to enable them liquidate their chronic indebtedness’’.

    The bank said following further negotiation, it was agreed that Otudeko’s companies would make a “bullet payment” of N3.5bilion, but they allegedly failed to do so.

     

  • Alleged N5.5b debt: Court refuses to wind-up Honeywell

    Alleged N5.5b debt: Court refuses to wind-up Honeywell

    Justice Jude Dagat of the Federal High Court in Lagos yesterday struck out a winding up petition filed by Ecobank Plc against billionaire businessman Oba Otudeko’s three companies because a similar suit was already pending before another judge of the same court.

    The bank claimed that the sister companies – Anchorage Leisures Limited, Honeywell Group Nig. Limited and Honeywell Four Mills Plc – were indebted to it to tune of N5.5billion.

    Justice Jude Dagat held that it would be pre-emptive to entertain the winding-up petition when a similar suit was already before his brother-judge, Justice Mohammed Idris.

    He held that where a similar suit with almost the same issues for determination is pending before a court of coordinate jurisdiction, the new judge must refuse to adjudicate on the reliefs to avoid contradictions.

    Justice Dagat noted that a court faced with winding up application must first determine if it was brought in good faith.

    According to him, Ecobank knew that Honeywell was challenging the alleged debt and had instituted a matter before Justice Idris, who had ruled that parties maintain status quo ante bellum.

    Honeywell is claiming that it had made payments to the tune of N3.5 Billion as full and final settlement, but Ecobank said the debt was more than that.

    Justice Dagat further held that the matter before Justice Idris came first, therefore the subsequent petition by Ecobank constitutes an abuse of court process.

    He said: “The Supreme Court has made it clear that it would amount to a travesty of justice for any court to hear a matter that is already before another court of coordinate jurisdiction.”The judge ruled that if the court should proceed with Ecobank’s petition, it would create a conflict of decisions by different judges of the same court, which would not augur well.

    “Therefore, the preliminary objection succeeds and the petition is hereby struck out,” he ruled.

    Ecobank, through its lawyer Mr Kunle Ogunba (SAN), claimed that when the “huge obligations” of the three sister companies hit N5.5billion, Otudeko had pleaded with the bank to grant them “huge concession to enable them liquidate their chronic indebtedness.”

    The bank said following further negotiation, it was agreed that Otudeko’s companies would make a “bullet payment” of N3.5bilion, but they allegedly failed to do so.

    The respondents, through their lawyer Olabode Olanipekun, however said they had fully liquidated their indebtedness to the bank. He urged the court to refuse Ogunba’s prayers.

     

  • Alleged debt: Court strikes out winding-up suit against Honeywell

    Justice Jude Dagat of the Federal High Court in Lagos on Monday struck out a winding up petition filed by Ecobank Plc against billionaire businessman, Oba Otudeko’s three companies because a similar suit was already pending before another judge of the same court.

    The bank claimed that the sister companies – Anchorage Leisures Limited, Honeywell Group Nigeria Limited and Honeywell Four Mills Plc – were indebted to it to tune of N5.5billion.

    Justice Dagat held that it would be pre-emptive to entertain the winding-up petition when a similar suit was already before his brother-judge, Justice Mohammed Idris.

    He held that where a similar suit with almost the same issues for determination is pending before a court of coordinate jurisdiction, the new judge must refuse to adjudicate on the reliefs to avoid contradictions.

    Justice Dagat noted that a court faced with winding up application must first determine if it was brought in good faith.

    According to him, Ecobank knew that Honeywell was challenging the alleged debt and had instituted a matter before Justice Idris, who had ruled that parties maintain status quo ante bellum.

    Honeywell is claiming that it had made payments to the tune of N3.5 billion as full and final settlement, but Ecobank said the debt was more than that.

    Justice Dagat further held that the matter before Justice Idris came first, therefore the subsequent petition by Ecobank constitutes an abuse of court process.

    He said: “The Supreme Court has made it clear that it would amount to a travesty of justice for any court to hear a matter that is already before another court of coordinate jurisdiction.”

    The judge ruled that if the court should proceed with Ecobank’s petition, it would create a conflict of decisions by different judges of the same court, which would not augur well.

    “Therefore, the preliminary objection succeeds and the petition is hereby struck out,” he ruled.

     

  • Honeywell pledges commitment to CSR

    Honeywell Flour Mills Plc has restated its commitment to positively impact on humanity by giving back to the society through effective corporate social responsibility programmes.

    Giving this assurance recently was the company’s Managing Director, Mr. Lanre Jaiyeola. He gave this hint during a visit to some orphanage homes in Lagos and Ogun States where the company donated its products and cash worth over a million naira.

    Honeywell, according to him, will continue to seize opportunities to make its impact felt in the society, listing such opportunities to include support provided for sporting events, entrepreneurship programmes, vulnerable groups, etc. “It is our own way of adding value to the people that we believe should have needs within the society, and our own way to alleviate poverty, suffering in the land,” he said.

    Among the beneficiaries of latest gestures are the SOS Village, Ijebu Ode, Ogun State, Little Saints Orphanage and Bethesda Home for the Blind, in Lagos.

    Jaiyeola, represented by Executive Director Marketing, Mr. Benson Evbuomwan said: “Every good organisation should have a corporate social responsibility on its objectives because we cannot do anything without the people we are serving. Everything is not just about buying our products, we should also be seeing to be improving the welfare of the people we are serving. “

  • Honeywell pledges commitment to CSR

    Honeywell Flour Mills Plc has restated its commitment to positively impact on humanity by giving back to the society through effective Corporate Social Responsibility programmes.

    Giving this assurance recently was the company’s Managing Director, Mr. Lanre Jaiyeola. He gave this hint during a visit to some orphanage homes in Lagos and Ogun States where the company donated its products and cash worth over a million naira.

    Honeywell, according to him, will continue to seize opportunity to make its impact felt in the society, listing such opportunities to include support provided sporting events, entrepreneurship programs, vulnerable groups, etc. “It is our own way of adding value to the people that we believe should have needs within the society, and our own way to alleviate poverty, suffering in the land”, he said.

    Among beneficiaries of latest gestures are the SOS Village, Ijebu Ode, Ogun State, Little Saints Orphanage and Bethesda Home for the Blind, in Lagos.

    Jaiyeola, represented by Executive Director Marketing, Mr. Benson Evbuomwan said “every good organisation should have a corporate social responsibility on its objectives because we cannot do anything without the people we are serving. Everything is not just about buying our products, we should also be seeing to be improving the welfare of the people we are serving. “

  • Ecobank urges court to appoint liquidator for Honeywell

    Ecobank Nigeria Limited has urged the Federal High Court in Lagos to appoint a liquidator for the assets of Honeywell Group over an alleged debt.

    Moving the application before Justice Jude Dagat, the bank’s lawyer, Mr Kunle Ogunba (SAN), urged the court to dimiss Honeywell’s objection to the application.

    Honeywell’s lawyer, Olabode Olanipekun, had urged the court to strike out the suit on the basis that there was no prior advertisement for a provisional liquidator by the bank.

    “A provisional liquidator can only be appointed after advertisement. There has been no advertisement, so the condition precedent has not been met,” he said.

    But, Ogunba said the objection was “misconceived” because the rules on winding-up petitions do not make prior advertisement mandatory before a liquidator can be appointed.

    “The appointment is tied to the discretion of the court,” Ogunba said. Ecobank said Honeywell is indebted to it to tune of N5.5billion.

    Arguing Ecobank’s winding-up petition, Ogunba, principal partner of Kunle Ogunba & Associates, said the respondent never filed a response to the petition.

    “The petition for winding-up remains clearly unchallenged,” he said.

    He prayed the court to dismiss Olanipekun’s claim that it was wrong for Ecobank to sue both Honeywell Group (obligor) and its chairman Dr Oba Otudeko (guarantor).

    “It is not the law that the bank cannot pursue both the obligor and guarantor simultaneously,” he said.

    Olanipekun had claimed that the Bankers Committee had ruled that Honeywell was not indebted to Ecobank.

    But, Ogunba said the Bankers’ Committee decision was not enforceable on any of the parties, adding that the fact Honeywell went to court over the dispute showed the decision was inconclusive.

    “Why would they go to court if they had a decision that was binding? I urge your lordship to dismiss this application. It is totally misconceived,” he said.

    Opposing the application, Olani-pekun urged the court to dismiss the winding-up petition for being an abuse of court process.

    He said: “The purport of this case is that despite the payment of N3.5billion, they are saying we’re still indebted to the petitioner (Ecobank). In the case before Justice Idris (a sister case), we’re saying that the N3.5billion is full and final payment.

    “They’re saying we owe, but throughout the petition, they have not indicated how much. A winding-up petition cannot arise where there is no ascertained and ascertainable debt.”

    Besides, Olanipkkun said the Court of Appeal had ruled on the issue. Ogunba, however, said the claim was still pending and is a matter of appeal before the Supreme Court.

    Ogunba also moved an application praying the court for an injunction restraining Honeywell Group from accessing its funds in Zenith Bank, Access Bank, Citibank Bank, Standard Chartered Bank, Wema Bank, Enterprise Bank, Union Bank, First Bank, Skye Bank, Sterling Bank and Unity Bank.

    Others are Keystone Bank, United Bank for Africa, Mainstreet Bank, First City Monument Bank, Diamond Bank, Stanbic IBTC Bank, Guaranty Trust Bank, Fidelity Bank and Ecobank.

    He said the injunction should subsist pending the determination of Ecobank’s appeal on a March 18 ruling by Justice Dagat discharging earlier interim orders made in the case.

    But, Olanipekun urged the court to dismiss the application on the basis that Ecobank had not been diligent in prosecuting the appeal.

    Justice Dagat adjourned until September 26 for ruling.

  • N5.5b debt: Ecobank urges court to restrain Honeywell, Otudeko

    N5.5b debt: Ecobank urges court to restrain Honeywell, Otudeko

    Ecobank Nigeria Limited has urged the Federal High Court in Lagos to restrain Anchorage Leisures Limited from accessing its funds in 20 banks over an alleged N5.5 billion debt.

    The bank is claiming that Anchorage and its sister companies, Honeywell Group Nig. Limited and Honeywell Four Mills Plc, all owned by billionaire businessman, Dr Oba Otudeko, are indebted to it.

    Ecobank said Honeywell Group should be barred from accessing its funds in Zenith, Access, Citibank, Standard Chartered, Wema, Enterprise, Union, First, Skye, Sterling and Unity banks.

    Others are Keystone, United Bank for Africa, Mainstreet, First City Monument, Diamond, Stanbic IBTC, Guaranty Trust, Fidelity and Ecobank.

    The court had discharged interim orders made against Anchorage last October 27, but Ecobank appealed.

    The bank is praying for an order restraining the respondent from accessing its funds in the banks pending determination of the appeal.

    The court, last October 27, granted an interim injunction preserving the res (funds) pending hearing of the bank’s application for the appointment of a provisional liquidator for Anchorage’s assets.

    But Justice Jude Dagat, on March 18, discharged the orders following an application by Anchorage that the orders had expired.

    Ecobank, through its lawyer, Mr Kunle Ogunba (SAN) of Insolvency Forte, said the judge should not have discharged the injunction because it was to subsist until its winding-up petition was determined.

    “The interim order of last October 27 was made particularly to prevent the respondent from dissipating its funds in the custody of the banks listed.

    “There is urgent need to preserve the res of the appeal to avoid foisting a situation of helplessness on the Court of Appeal, a superior court of record,” Ecobank said.

    Ecobank said if Anchorage was not restrained, it would take advantage of the discharged interim orders to dissipate the funds, which is subject of the winding-up petition, thus rendering the appeal nugatory.

    However, Anchorage prayed the court to refuse Ecobank’s application because it would be “greatly prejudiced” if it is granted.

    Ecobank claimed that when the “huge obligations” of the three sister companies hit N5.5 billion, Otudeko had pleaded with the bank to grant them “huge concession to enable them liquidate their chronic indebtedness.”

    The bank said following further negotiation, it was agreed that Otudeko’s companies would make a “bullet payment” of N3.5 billion, but they allegedly failed to do so.

    “The applicant (Anchorage) and the two member-companies of Honeywell Group Ltd, in sheer disregard of the sacrosanct concessionary terms, did not make an immediate bullet payment while the total sum of N3.5billion in several instalments was not paid in bullet form,” the bank said.

    During hearing of three of five pending applications before Justice Dagat, Ogunba said Honeywell Group was trying to avoid paying the debt.

    “They want to bury the fact of their indebtedness to us by engaging in subterfuge. They are throwing all spanners in the works to avoid paying the debt. As I speak, the indebtedness is over N4 billion,” Ogunba said.

    Anchorage, however, said it had fully liquidated its indebtedness to the bank. Its lawyer, Olabode Olanipekun, urged the court to refuse Ogunba’s prayers.

    “They have not stated how much we owe. They did not exhibit our account statement to show that we are indebted. It is the law that where there is no statement of account, a party is not entitled to any indulgence,” Olanipekun said.

    Justice Dagat adjourned till June 21 for ruling.