Ecobank Vs Honeywell: Bank Fails To Stop Testimony As Otudeko Confirms N3.5b Final Payment

The Chairman of Honeywell Group, Oba Otudeko, on Wednesday 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.
Otudeko made this statement when he gave evidence in the ongoing matter instituted by Honeywell against Ecobank before Justice I. Idris of the Federal High Court, Lagos Judicial Division.
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 22, 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 on Wednesday at the Court of Appeal.
Olanipekun, 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 Otudeko, who is Ecobank’s witness.
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 the 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”.
He subsequently ruled that cross examination should proceed.
Olanipekun concluded the cross examination of Otudeko and Ecobank’s counsel declined to re-examine him.
The witness was thereafter discharged.