Supreme court dismisses Ecobank appeals
In a unanimous decision by the learned justices of the apex court, the court ruled that Ecobank’s appeals were frivolous.
The court of Appeal had on March 30, 2016 also ruled against the bank. Dissatisfied, it thereafter appealed to the Supreme Court.
The apex court in its decision dismissed three separate appeals from the appellant and upheld one appeal from Honeywell bordering on returning to high court to determine issues not earlier considered.
In suit number SC/402/2016, Ecobank appealed the decision of the Court of Appeal discharging the ex parte injunctive/asset freezing orders, which it had obtained against Honeywell.
Also, the bank appealed the decision of the Court of Appeal, which had affirmed the jurisdiction of the Federal High Court to hear the suit filed by Honeywell Companies in suit No. SC/406/2016.
Finally, the apex court in suit No. SC/407/2016, where the bank appealed the ruling of the Court of Appeal striking out, rather than dismissing, contempt proceedings filed by Honeywell, also dismissed it.
The Court of appeal had ordered accelerated hearing of the suit at the Federal High Court, but the bank challenged the ruling at the Supreme Court.
In its decision July 13, the apex court awarded a total cost of N2.5million against the bank and also affirmed the directive for accelerated hearing at the Federal High court as earlier issued by the Court of Appeal.
Honeywell had filed a suit seeking a declaratory order to the effect that she is no longer indebted to Ecobank.
In its application before the Federal High Court, Honeywell averred that its payment of the sum of N3.5 billion was full and final settlement of its obligations to the bank, a position which was affirmed in an earlier ruling by the Bankers’ Committee which sought to resolve the matter initially.
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