The courtroom is contemplating Ecobanka’s chapter declare towards Otudek on July 4

A Federal Excessive Courtroom in Lagos has adjourned additional proceedings till July 4 in a chapter go well with filed by Ecobank Nigeria Restricted to recuperate an alleged debt of N4.1 billion from the chairman of the Honeywell Group, Dr. Each Otudeka.

The case was adjourned on the occasion of the courtroom on Tuesday because of the giant quantity of labor.

Nonetheless, Ecobank’s lawyer, Mr. Kunle Ogunba, SAN, expressed reservations concerning the adjournment, saying July 4 was too lengthy in view of sure occasions that necessitated the pressing listening to of the case.

He stated Ecobank has filed an affidavit on file, displaying the discover of discontinuance of the enchantment and the judgment of the Supreme Courtroom dated January 27, 2023, confirming the indebtedness of Otudeko’s companies to Ecobank.

Nonetheless, Justice Akintayo Aluko famous that since counsel representing Otudeko had already been knowledgeable of the July 4 date, it will not be honest to alter it.

The courtroom subsequently directed Ogunbo to draft a correspondence to shorten the time for the listening to of the chapter motion and to repeat Otudeko’s counsel.

Within the lawsuit, Ecobank claimed that Otudeko owed it after the alleged collapse of its three companies – Honeywell Flour Mills Plc; Siloam World Companies Restricted; and Anchorage Leisures Restricted – to liquidate a mortgage granted to them by the financial institution.

The financial institution introduced that Otudeko personally assured the mortgage obtained by its firms.

On January 27, the Supreme Courtroom confirmed that Otudek’s firms are indebted to Ecobank and that they’re obliged to repay all of the services utilized by the financial institution, in accordance with the events’ settlement.

Ecobank, within the chapter petition, seeks “an order to obtain the property, funds, investments, shares or different pursuits of the debtor principally in Siloam World Companies Restricted and Honeywell Group Restricted; Honeywell Flour Mills Plc; Anchorage Leisures Restricted; Honeywell Oil and Fuel Restricted; Uraja Actual Property Restricted; Broadview Engineering Restricted; Uraja Energy Options Restricted; Honeywell Vitality Sources Restricted; Hudson Energy Restricted; Pivot Engineering Restricted and Pavilion Expertise Restricted, whose curiosity is held straight or by way of the stated Siloam World Companies Restricted and/or in another firm inside and out of doors Nigeria.”

The financial institution additionally prayed the courtroom to permit it to “applicable or in any other case use the investments, shares or different pursuits of the debtor (Otudeko) in all of the above firms and in another firm/company entity in Nigeria or outdoors Nigeria in partial or full satisfaction of the debt due .”

Ecobank requested the courtroom to order the businessman to right away present the financial institution along with his “assertion of enterprise, assertion of internet price and different credible monetary data required underneath the Chapter Legislation”.

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