The Chairman of Honeywell Group, Oba Otudeko, 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 the bank as full and final settlement of all its obligations to the bank.
He made this statement yesterday when he gave evidence in the ongoing matter instituted by Honeywell against Ecobank before Justice Idris of the Federal High Court, Lagos division
Led in cross-examination by Honeywellâ€™s counsel, Chief Wole Olanipekun (SAN), Otudeko affirmed that the Honeywell companies, following an agreement reached with the Managing Director 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 Honeywellâ€™s obligations to the bank.
Prior to giving evidence, Ecobankâ€™s counsel, O.A. Divine, sought to stall proceedings by making an application to adjourn the matter on the basis that another appeal and an application for stay of proceedings had been filed on Tuesday at the Court of Appeal.
Honeywellâ€˜s counsel, 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 Ecobankâ€™s witness (Otudeko).
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 Ecobankâ€™s counsel was not a certified-true-copy.
On the issue of the matter for the day, the judge also affirmed that indeed the â€œruling of the court cannot be arrested.â€
Justice Idris subsequently ruled that cross examination should proceed. Olanipekun, therefore, concluded the cross examination of Otudeko, while Ecobankâ€™s counsel declined to re-examine him. The witness was thereafter discharged.
It appears that Ecobankâ€™s strategy to call Otudeko as its star witness fell flat on its face as counsel was unable to extract any testimony from Otudeko to support Ecobankâ€™s case. Despite being the party that invited the witness, Ecobankâ€™s counsel abruptly declined to proceed with the witness.
The matter was adjourned till March 12, 2018.