ECOBANK VS HONEYWELL. THE REAL FACTS OF THE MATTER. WHAT DOES A BANK THAT HAS BEEN PAID IN FULL STILL WANT?

Obafoluke Otudeko

There's been plenty of sensationalism concerning this case between the 2 institutions mentioned above that is- Honeywell vs ECOBANK, without people knowing the whole truth of the matter as it were. And because one of the sides was making so much noise and the other was quiet as a matter of in house policy, it was like the other side was guilty for being quiet!

Just because one of the parties had adopted to be quiet and allow the matter take the proper course (follow the proper laid down law procedures for solving matters/issues), without making noise doesn't make them guilty or that they didn't know what to do too.

So what we have done here, is to bring out the the facts of the matter as it were and all that was done before things went askance and got to where it is now.

The summary of the fact is that, Honeywell Group as a business entity and in the individual capacities of those that own the brand and subsidiaries, does not owe ECOBANK a dime, Kobo in any form at all. And that's because all that was owed the bank in any form, totalling ₦3.5 billion Naira after the agreement made with the bank's authorities with evidence was paid. That is, liquidated and settled and therefore, Honeywell Group meaning with all the subsidiaries owes ECOBANK no money, no amount whatsoever.

Honeywell Group commenced discussions with Ecobank in May 2012, with a view to agree a full and final settlement of the indebtedness of three of its operating companies (including HFMP) to Ecobank. All three facilities were originally consummated with the then Oceanic Bank Plc.

Several meetings were held between the parties with a view to achieving a settlement of Honeywell’s indebtedness to the Bank. A settlement was finally reached at the meeting of the 22nd July, 2013 involving the Chairman, Dr. Oba Otudeko CFR, and Ecobank’s Managing Director, Mr. Jibril Aku to the effect that Honeywell should pay the sum of N3.5 billion in full and final settlement of its indebtedness to the Bank

Following the meeting, Honeywell immediately paid the sum of N500 million and wrote to the Bank confirming the terms of the agreement. The Bank responded via its letter dated 22nd July, 2013 confirming the payment agreement, and stating that the balance of N3 billion should be paid before the exit of CBN examiners from the Bank.

Although the Bank stated that the balance be paid before the exit of the CBN examiners, no specific dates were mentioned and Honeywell was not informed of the date of the eventual exit of the CBN examiners even though they kept engaging the Bank in discussions.

After several attempts by Honeywell to discuss the payment of the balance, the Parties held a meeting on the 12th of December, 2013 at Honeywell’s offices involving their Chairman, Dr. Oba Otudeko CFR, the Bank’s Managing Director, Mr. Jibril Aku, the Bank’s Company Secretary, Mrs. Denike Laoye and other senior executives of both organizations. At this meeting, the payment agreement was reiterated by the Parties. There was no mention that the settlement amount had changed or that the agreement had lapsed. The said Bank executives who were in attendance have the authority to bind the Bank statutorily.

Following the 12th of December 2013 meeting, Honeywell completed the payment of the agreed N3.5 billion on the 9th of January, 2014. Honeywell thereafter wrote to Ecobank referring to the meeting of
December 12, 2013 and the agreement reached while also confirming that the payments had been completed as agreed. Honeywell also requested for: (1) a letter of discharge, (2) the release of the securities held against the facilities and (3) an update of the Group’s accounts on the CBN CRMS portal.

More after the break.

RESPITE FOR ONTARIO OIL BOSS WALTER WAGBATSOMA AS NIGERIAN COURT STRIKES OUT CASE AGAINST HIM

Walter Wagbatsoma

Respite seem to have come the way of billionaire oil and gas dude Walter WAGBATSOMA, who until his misfortune was one of the big boys in Nigeria and in the sector. Walter is the jailed boss of Ontario Oil Ltd, one of Nigeria's top players in the oil and gas sector who was sent to jail a few weeks back in London, UK for sundry issues.

He had fallen on the wrong side of the law in Europe, after leaving Nigeria and was arrested in Germany and had to face prosecution in the United Kingdom, with loads of others at the end of which he was sentenced to 3 and half years in prison, just like many of his co-business people in the UK.

Though he had claimed innocence in the case used to jail him in the UK, he was still convicted and sentenced to jail.

According to his defence then, he had obtained hard currency in multiple transactions to the tune of £400,000 from a Nigerian money changer based in Dubai, the UAE in exchange for Naira, apparently the Pounds he was given was part of the proceeds from the NHS Trust fund fraud perpetrated by the money changer and co-conspirators. So he was convicted and sentenced with others for stealing £12 million Pounds from the NHS. He is planning to appeal his conviction and sentence soon.

So just yesterday in Nigeria, a court of competent jurisdiction, in fact 2 courts, the Appeal and the Supreme Court at that which had sat to decide his culpability in the cases before them, struck out the case, discharging and acquiting him and others with him.

The High Court last year in the case presided over by Justice Lateefa Okunnu had found Walter Wagbatsoma, the Executive Vice Chairman of Ontario Oil, Adaoha Ugo-Ndaji and Company guilty of Subsidy fraud to the tune of ₦1.9 billion so apart from being sentenced, they were ordered to repay the FG money to the tune of ₦754 million Naira.

But yesterday, Friday, February 9, 2018 the Court of Appeal in Lagos discharged and acquitted Walter, Adaoha who was alealre serving the sentence and Ontario in the fraud suit Instituted by the EFCC. Not yet done, the highest court in the land, The Supreme Court in a seperate ruling tagged the "NO SUBMISSION CASE" appeal, set aside the rulings of the High Court, saying that Walter Wagbatsoma, and the executives of Ontario and the Company herself didn't get a fair trial which led to their convictions and sentencing.

So with this acquital, there is obviously a silver lining in the dark clouds that had surrounded the man many had always referred to as a perfect gentleman and one with a very large heart, who could do anything or go to any length for his friends. Many are hoping that with the discharge and acquital in Nigeria, which had already settled a case of "double jeopardy" which was already looming before, his appeal in London whenever it comes up would also vindicate him and that if all things go well he might soon be enjoying once again the embrace of his love ones and friends. 

NDLEA VS BABA SUWE- ACE COMEDIAN LOSES ROUND 2

 

BABATUNDE OMIDINA AKA BABA SUWE

Ace comedian Babatunde Omidina aka Baba Suwe at the Court of Appeal in a case instituted against him by the Drugs Agency- NDLEA has lost the #25 Million Naira for damages judgement he had earlier obtained at the High Court.

In the ruling given today in Lagos at the higher court, the Court of Appeal overturned the ruling of the High court and by extension quashed also the #25 Million Naira damages the High Court had granted the comedian in the earlier ruling. 

If you all can readily recall, the comedian had been arrested about a year ago as he was about to board a flight abroad on the suspicions of carrying hard drugs on his person. After been detained for many days for to him to supposedly excrete the hard drugs nothing seemingly happened, till he was ordered to be released by the court and he was subsequently awarded #25 Million Naira in damages for unlawful detention. The NDLEA had immediately objected to the ruling and immediately instituted an appeal, the results of that objection is the judgement giving by the Court of Appeal today, in their favour. 

The comedian's lawyer, Mr. Bamidele Aturu has already stated that they would appeal the judgement or ruling. Now it's on to the Supreme Court for another round of arguments for & against. May the better prepared win.