The independent online media fact-checking platform, The Cable, has conducted an investigation into the ongoing dispute between Ecobank Nigeria Limited and billionaire businessman Oba Otudeko’s companies.....KINDLY READ THE FULL STORY HERE▶
According to The Cable’s ‘Fact Check’ series released on July 27, 2023, the assertion made by Ecobank that the Supreme Court declared Honeywell Flour Mills Plc indebted to them in the sum of N13.5 billion is incorrect.
The investigation traced the events back to 2012 when three companies, including Honeywell Flour Mills Plc, borrowed from the now-defunct Oceanic Bank, which later became Ecobank….CONTINUE READING
The report alleges that in 2013, an agreement was reached for the companies to jointly pay N3.5 billion as full and final settlement of their debt to Ecobank. The payment was made, and the bank confirmed it.
While the Central Bank of Nigeria’s Bankers’ Committee sub-committee on ethics and professionalism, as well as the Federal High Court, ruled in favor of the Otudeko-run companies, the Court of Appeal and Supreme Court’s judgments favored Ecobank.
However, the report clarifies that the Supreme Court did not specify the amount owed by Otudeko’s companies, and hence, Ecobank’s claim of a N13.5 billion debt is deemed incorrect.
Recently, on July 18, the Federal High Court ordered Ecobank to pay the sum of N72 billion as damages to Honeywell for an illegal ex parte order.
