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Tag: Honeywell

  • Debt: Ecobank urges court to restrain Honeywell, others from accessing funds

    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 Nigeria Limited and Honeywell Four Mills Plc, owned by billionaire businessman, Dr. Oba Otudeko, are indebted to it.

    Ecobank said Honeywell Group should be barred from accessing its funds in Zenith Bank, Access Bank, Citibank, 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, Guarantee Trust Bank, Fidelity Bank and Ecobank.

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

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

    The court had, 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 over 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 made on October 27, 2015, was made particularly to prevent the respondent from dissipating its funds in the custody of all 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 is not restrained, it would take advantage of the discharged interim orders to dissipate the funds, which is the subject of the winding-up petition, thus rendering the appeal nugatory.

  • Honeywell unveils campaign for Eko @50

    Honeywell unveils campaign for Eko @50

    Honeywell Flour Mills Plc has unveiled a campaign to support activities lined up by the Lagos State Government to celebrate the state at 50.

    The campaign is part of corporate social responsibility initiatives of the company to support development of the Nigerian youth through partnership with Vision of the Child (VOTC).

    Speaking in Lagos, at the weekend, during the launch of Honeywell in Sisi Eko’s Kitchen picture contest, Managing Director, Mr. Lanre Jaiyeola described the Lagos at 50 celebration as a significant landmark, saying it provides an opportunity to celebrate Lagos State’s past achievements and showcase its immense potentials for future growth and development to the world at large.

    He said as part of the line-up of activities for the event, the Vision of The Child (VOTC)’s theme is “Sisi Eko At 50: Ageing Gracefully? or Na so-so Pancake?” while Honeywell will Honeywell will seize the opportunity provided by the event to delight its consumers and offer chances of winning exciting prizes.

    While stressing the metamorphosis of  Sisi Eko in the 50’s and 60’s as a mother whose primary focus and role was to take care of the family, to the present co-bread winner in the ever demanding fast paced city life,  he said Honeywell provides variety of nourishing products that are readily available and ideal for the whole family.

    Explaining the mechanism of the contest, he said “we want to see the industrious, caring and discerning Sisi Eko as she shares and enjoy her meal with her child via the Honeywell in Sisi Eko’s Kitchen picture contest. The picture contest will show Sisi Eko and her child in her Kitchen relishing/eating any of our consumer brands, that is, Honeywell Noodles®, Honeywell Pasta® or Honeywell Wheat Meal® with the product packs from which the meal was prepared creatively positioned in the background.”

    Speaking further, he said, the contest which runs for 50days hopes to reflect Lagos at 50, from 01 April to 20 May, 2016, while participants are expected to post the picture on their social media page (Facebook, Instagram, Twitter) and hashtag- #HoneywellinSisiEkosKitchen.

    The grand finale of the Eko @50 celebration will be a dinner award night scheduled for May 27, 2016, where prizes will be presented to winners.

     

  • Court of Appeal rules in favour of Honeywell

    The Court of Appeal, Lagos has dismissed an ex-parte order granted against Honeywell Flour Mills Plc in favour of Ecobank Nigerian Plc.
    Justice Mohammed Yunusa of the Federal High Court in Lagos had last December 4 frozen Honeywell’s accounts following an application by Ecobank.
    The judge later varied the order by allowing Honeywell to withdraw N15million per week pending hearing of the suit.
    Honeywell thereafter proceeded to the Court of Appeal seeking to set aside the exparte order.
    The Court of Appeal, in a judgment delivered by Justice Abimbola Obaseki, set aside the ruling of Justice Yunusa on the ground of abuse of Order 4 of winding up rules.
    The Order states that every application in court other than a petition, shall be made by motion, notice of which shall be served on every person against whom an order is sought not less than five days before the day named in the notice for hearing the motion.
    In a related case, the cross-appeal by Ecobank against the ruling of Justice Yunusa which granted limited access to Honeywell to operate its accounts was also struck out.
    The second appeal by Ecobank against Honeywell, challenging the jurisdiction of Justice Mohammed Idris of the Federal High Court in establishing a customer banker’s relationship, was also struck out.
    The Court of Appeal stated that there is a banker-customer relationship between the parties.
    Justice Obaseki held that Ecobank’s appeal lacks merit and stands dismissed.
    “The ruling of Mohammed Idris of the Federal High Court in favour of Honeywell is hereby affirmed,” the justice held.
  • Ecobank vs Honeywell: Court directs CJ to re-assign case

    Ecobank vs Honeywell: Court directs CJ to re-assign case

    The Court of Appeal in Lagos has directed the Chief Judge of the Federal High Court, Justice Ibrahim Auta, to re-assign a winding-up petition by Ecobank Nigeria Limited against Honeywell Flour Mills Plc.

    Justice Abimbola Obaseki-Adejumo said justice demands that both sides must be heard. She made no order as to cost.

    The justice upheld an appeal by Honeywell against an ex-parte order made by Justice Mohammed Yunusa last December 4.

    The company appealed against partial freezing of its accounts following an application by Ecobank’s lawyer Mr Kunle Ogunba (SAN), an insolvency expert.

    Justice Yunusa had restrained Honeywell Group’s chairman, Dr Oba Otukedo, the company’s directors and subsidiaries from withdrawing from any bank or financial institution.

    But Honeywell, through its lawyer Chief Wole Olanipekun (SAN) sought to discharge the order.

    Justice Yunusa, in his ruling, on the application to discharge the order, held that the company could withdraw up to N60million in a month (N15million only per week) pending when the suit was heard and determined to enable Honeywell Group meet its financial obligations.

    Dissatisfied with the ruling, Honeywell appealed, insisting that it wants full access to its funds. The suit is sequel to an alleged N3. 5 billion unpaid loan facility which Ecobank gave Honeywell.

    Justice Obaseki-Adejumo said Justice Yunusa made the ex-parte order without notice to Honeywell. She said it violated the rules guiding winding-up petitions.

    According to her, the rules state that every application in such a petition shall be by motion on notice to the person against whom the order was to be made.

    “Justice of the case demands that both side be heard. The ruling of the Federal High Court is hereby set aside. The petition shall be assigned to another judge for necessary action. Parties shall bear their costs,” she held.

    Ecobank had also appealed a ruling by Justice Mohammed Idris striking out contempt proceedings initiated against it by Achorage Leisures Limited and its sister company Siloam Global Services Limited, both of which are subsidiaries of Honeywell Group.

    They accused the bank of disobeying an earlier directive by the judge that all parties should maintain status ante-bellum, which the bank denied.

  • Honeywell appeals freezing of accounts by Ecobank

    Honeywell Flour Mills Plc has appealed against partial freezing of its accounts by the Federal High Court in Lagos following an application by Ecobank Nigeria Limited.

    The court had, following an ex-parte application by the bank’s lawyer, Mr. Kunle Ogunba (SAN), restrained chairman of Honeywell Group, Dr. Oba Otukedo, the company’s directors and subsidiaries from withdrawing from any bank or financial institution.

    But Honeywell, through its lawyer, Chief Wole Olanipekun (SAN), sought to discharge the order, contending that it was an abuse of court process.

    Ruling, Justice Mohammed Yunusa had held that the company could withdraw up to N60million in a month pending when the suit is heard and determined.

    Justice Yunusa said he was inclined to vary the orders to enable Honeywell Group meet its financial obligations by withdrawing N15million only per week.

    Dissatisfied with the ruling, Honeywell appealed, insisting that it wants full access to its funds.

     

  • Court strikes out Honeywell’s contempt charge against Ecobank

    Court strikes out Honeywell’s contempt charge against Ecobank

    The Federal High Court in Lagos Friday struck out a contempt charge filed against Ecobank Nigeria Limited by Honeywell Flour Mills Plc.

    Justice Ibrahim Idris held that the Form 48 and Form 49 (with which contempt proceedings are initiated) were not properly served on the alleged contemnors.

    The judge declined jurisdiction, but directed parties to maintain status quo until the order is set aside by the Court of Appeal.

    The judge said a party seeking to jail another for disobeying a court order was duty bound to ensure that processes in contempt proceedings were duly served.

    Breach of such proper service, he said, “will wrought consequences on the proceedings.”

    Honeywell and its sister companies Anchorage Leisures Limited and Siloam Global Services Limited accused the bank of disobeying an earlier directive by the judge that all parties should maintain status quo ante-bellum.

    They sued Ecobank over disagreements regarding an alleged debt owed the bank by the group.

    Justice Idris had last August 10 made an order of interim injunction restraining the bank from publishing the plaintiffs’ name as debtors.

    The judge also ordered parties to maintain status quo pending hearing of the plaintiffs’ suit against Ecobank.

    But while the suit was pending, Ecobank filed other suits before other judges in a bid to recover its debt from Honeywell Group and its chairman Oba Otudeko.

    Honeywell, through its lawyer Chief Wole Olanipekun (SAN), filed the Form 48 and Form 49, urging the court to hold the bank in contempt.

    Declining jurisdiction, Justice Idris held: “What I can see from a close examination of form 48 is that the form is stamped; the wordings are however illegible. I can see that the stamp has the date of 19th November 2015. The same applies to Form 49.

    “A valid proof of service of the same forms must have endorsed therein the following, as stated by the Court of Appeal: (1) particulars of the person serving; (2) date of service; (3) time and place of service and (4) the person that accepted the service.

    “I’m afraid that it appears that the Form 48 and 49 were not properly endorsed with the particulars of service. In effect, there is no reliable or authentic information before the court as to the service of the Form 48 and 49 on the defendants herein.

    “This issue goes to the issue of the jurisdiction of the court. This court must act with caution. I decline jurisdiction.”

    He, however, warned parties against taking any action that could incur the court’s wrath.

    “Let me warn that orders of court are binding and enforceable until set aside by an order of court of competent jurisdiction. The order of this court that the parties maintainstatus quo ante bellum remains valid and binding on all the parties until set aside.

    “Whenever the disciplinary jurisdiction of this court is properly invoked, this court will descend heavily without any fear on whichever party is found guilty of contempt of this court. This court barks and it bites.

    “I hold that the jurisdiction of this court has not been properly invoked in respect of the contempt proceedings and same is hereby struck out,” Justice Idris held.

    He adjourned till February 26 for hearing of Ecobank’s motion for stay of proceedings.

  • ‘Honeywell not indebted to Ecobank’

    Honeywell Group is not indebted to Ecobank Nigeria Limited, according to the Bankers Committee (Sub-committee on Ethics and Professionalism).

    The Committee ruled that an agreement for Honeywell to pay the bank N3.5billion as full and final payment was valid “and should be complied with.”

    Ecobank has five pending applications at the Federal High Court in Lagos. Three are before Justice Mohammed Yunusa; two before Justice Okon Abang.

    The bank is seeking to recover an alleged N4.1billion debt owed it by Honeywell Flour Mills Plc and its sister companies.

    Honeywell also has a pending suit before Justice Mohammed Idris. The suit follows disagreements between it and Ecobank as to the complete liquidation of the group’s outstanding obligations to the bank having regards to the terms and conditions of the credit facility.

    The Bankers Committee’s June 26 report, addressed to Ecobank Managing Director/Chief Executive, was signed by the Secretary, Sub-committee on Ethics and Professionalism, ‘Seye Awojobi, with reference number ODA/FMA/BUO/1493.

    The committee said it received a petition that the bank was “attempting to renege on a settlement agreement” on facilities it granted to Anchorage Leisures Limited, Siloam Global Services Limited and Honeywell Flour Mills Plc.

    The Committee said: “After several offers and counter offers with respect to the amount for the settlement, the parties agreed at the meeting of 22nd July, 2013, involving your bank’s MD/CEO and the Honeywell Group Chairman that Honeywell would pay N3.5billion in full and final settlement of the indebtedness of the three companies. It was also agreed that Honeywell would immediately proceed to pay  N500million as a sign of faith towards the agreement.”

    According to the report, Honeywell paid N500 million to the bank on July 23, 2013, and completed payment of the agreed N3.5 billion on January 10, 2014. Thereafter, the group requested for a letter of discharge from the bank.

    However, the bank, in a November 14, 2014 letter to Honeywell Group, claimed that the N3.5billion was a partial payment, and that the agreement that the sum was in full and final settlement was an “in principle understanding”.

    The bank also stated that Honeywell Group’s Chairman was a “related party” to the transactions, hence the request for a discharge letter could not be granted.

    The Committee found that it was not in dispute that Ecobank’s management consummated an agreement on July 22, 2013 with Honeywell Group to accept N3.5billion in full and final settlement.

    It further stated that  when the transactions were consummated with Oceanic Bank Plc (legacy bank), Honeywell Group’s Chairman was neither on the board of the bank nor the board of Ecobank Transnational Incorporated, the parent company.

    The Bankers’ Committee said based on clarifications from the Banking Supervision Department of the Central Bank of Nigeria (CBN), he was not a “related party” to the transactions as he was not on Oceanic Bank’s board when the transactions were consummated.

    “After due consideration of findings, the sub-committee ruled that the agreement between the borrower and your bank to pay the sum of N3.5billion as full and final payment of the borrower’s indebtedness is valid and should be complied with and this was ratified by the Bankers Committee,” the report stated.

    The cases before Justice Abang and Justice Yunusa will come up on January 13; while the one before Justice Idris will come up on January 15.

     

     

  • Honeywell files contempt charge against Ecobank

    Honeywell Flour Mills Plc has initiated contempt proceedings against Ecobank Nigeria Limited at the Federal High Court in Lagos.

    The company accused the bank of disobeying an earlier directive by Justice Mohammed Idris that all parties should maintain status quo.

    Ecobank had challenged the court’s jurisdiction to hear the suit filed by Honeywell and its sister companies – Anchorage Leisures Limited and Siloam Global Services Limited.

    Dismissing the preliminary objection, Justice Idris held that a cursory glance at the statement of claim shows that the plaintiffs’ claim arose from banking transactions.

    This, he said, places the suit within the court’s jurisdiction as provided in Section 251 (1)(d) of the 1999 Constitution.

    “The plaintiffs’ claim arose from a banker-customer relationship, as such this court has jurisdiction to entertain the matter,” the judge said.

    He held that Ecobank’s preliminary objection lacked merit and awarded N10,000 cost in the plaintiffs’ favour.

    Justice Idris adjourned to Monday for hearing of the contempt proceedings.

    In a related case before Justice Okon Abang of the same court, Ecobank had, on October 16, filed a motion exparte, praying for an orders restraining Siloam Global Services Limited and chairman of Honeywell Group, Dr. Oba Otudeko, from operating or dealing with funds in any bank or financial institution pending the determination of the motion on notice for the appointment of a provisional liquidator or interim receiver.

    The bank also sought an order directing and compelling all the banks and financial institutions in which Siloam Global Services and Otudeko have accounts, to furnish Ecobank with their details.

    It also prayed the court to restraining Siloam Global Services and Otudeko from removing its funds, investments in all banks and financial institutions or alienating/ disposing their fixed and moveable assets within Nigeria.

    Justice Abang, however, did not grant the prayers. Rather, he directed Ecobank to put Siloam Global Services and Otudeko on notice.

    Meanwhile, Otudeko’s lawyer, Chief Wole Olanipekun (SAN), filed a December 7 motion on notice praying the court to strike out the petition and discontinue proceedings in deference to arbitration.

    Yesterday, Olanipekun argued that the court lacks jurisdiction to adjudicate on the matter.

    Ecobank’s counsel, Mr. Kunle Ogunba (SAN), argued that the court ought to determine Ecobank’s exparte application of October 16 first.

    But Olanipekun argued that his clients had given valid reasons to compel the court to determine the challenge to its jurisdiction before determining the bank’s motion exparte.

    Ruling, Justice Abang held there was the need for the court to first determine if it has jurisdiction to adjudicate on the matter before proceeding hearing Ecobank’s application.

    He adjourned till January 13 for the hearing Siloam Global Services and Otudeko’s application challenging the court’s jurisdiction.

     

  • Honeywell Flour Mills wins award

    Honeywell Flour Mills wins award

    Honeywell Flour Mills Plc has won the Corporate Awards for Excellence in Human Resources Practice, otherwise known as HR Best Practice Award organised by the Chartered Institute of Personnel Management (CIPM).

    Honeywell Flour Mills,  picked among more than 26 companies from different sectors was adjudged the overall winner of the HR Best Practice Award at the 47th Annual Conference of the CIPM held in Abuja.

    President, Chartered Institute of Personnel Management (CIPM), Mr. Anthony Arabome, commended Honeywell Flour Mills, noting that the company’s emergence as the overall winner is a clear testimony of the integrity and transparency of the evaluation and award process.

    According to him, for an indigenous company like Honeywell Flour Mills to beat major players, both local and multinational, in sectors like oil & gas, telecoms, financial services and manufacturing goes a long way to show that Honeywell is a well-run company, especially from HR perspective.

    “This Award has been given to Honeywell Flour Mills in recognition of its invaluable contributions to the development and advancement of the human resources profession in Nigeria. The evaluation process leading to the Awards involved very rigorous assessments and process audit of human resources practice conducted by Accenture,” Arabome said.

    He said Honeywell Flour Mills like every other company, was assessed on service delivery, creativity, results, integrity, professionalism and team work in the practice of human resources, noting that the company performed excellently in all areas.

    Human Resources Manager, Honeywell Flour Mills Plc, Mr. Tunde Adebayo, while receiving the award on behalf of the company’s managing director, Mr. Lanre Jaiyeola, said the award would further encourage the company to sustain and improve on its good corporate governance.

     

     

     

     

  • Honeywell records high profit as costs fall

    Honeywell International Inc, a U.S. manufacturer of aerospace parts and climate control systems, reported a better-than-expected quarterly profit as costs fell.

    The company, whose customers include Airbus Group SE (AIR.PA), Boeing Co (BA.N) and Bombardier Inc (BBDb.TO), has been cutting jobs and selling or merging businesses to reduce costs and boost efficiency.

    Honeywell’s expenses fell  by  seven percent to $6.65 billion in the third quarter, while operating margins rose to 18.3 per cent from 16.2 per cent, a year earlier.

    However, the company’s revenue fell five percent, missing analysts’ expectations, hurt by a strong dollar.

    Honeywell also cut its 2015 revenue forecast to $38.7 billion from $39 billion-$39.6 billion.

    Sales fell by two  per cent in the company’s aerospace business, its largest, and three percent in its automation and controls business.

    Excluding the impact of a strong dollar, sales rose about two percent in the aerospace business and three percent in the automation and controls business.

    The net income attributable to Honeywell rose to $1.26 billion, or $1.60 per share, in the quarter ended Sept. 30 from $1.17 billion, or $1.47 per share, a year earlier.

    Analysts had expected a profit of $1.55 per share and revenue of $9.85 billion, according to Thomson Reuters