A Senior Advocate of Nigeria (SAN), Mr. Kunle Ogunba, dismisses Bankers Committee’s ruling on the Ecobank-Honeywell debt issue, asserting that it holds no legal weight. Ogunba, representing Ecobank, questions the authority of the Committee to adjudicate on the matter, emphasizing that its decision cannot supersede a final verdict from the Supreme Court. He further challenges former CBN Governor Lamido Sanusi’s involvement, suggesting a potential bias due to his past affiliations with Oba Otudeko and First Bank.
Ogunba underscores the fact that Honeywell initiated the legal dispute, casting doubt on the validity of the Committee’s ruling. He argues that the Bankers’ Committee lacks the competence of a court and questions the credibility of Sanusi’s intervention. In response, Sanusi maintains that the Committee has the power to make binding decisions for banks, citing a 2015 resolution that supposedly resolved the debt issue between Ecobank and Honeywell.
Amidst the ongoing legal clash, lawyers representing Ecobank write to FBN Holdings Plc, urging them to reject Honeywell Group’s recent share acquisition due to the alleged debt owed to Ecobank. However, lawyers representing Oba Otudeko clarify that the claims made about Supreme Court decisions affirming Honeywell Group’s indebtedness are false. They assert that the specific mentioned amount of N13,507,052,417.99 is not supported by any court ruling.
As the dispute continues, the conflicting positions of the involved parties contribute to the escalating tensions surrounding the contentious N5 billion debt between Ecobank Nigeria Limited and Honeywell Group.