My Companies Are Not Owing Ecobank N5.5bn, Oba Otudeko Tells Court
The Chairman of Honeywell Group, Oba Otudeko on Wednesday told a
Federal High Court in Lagos that his companies are not indebted to
Ecobank Nigeria Limited.
The businessman said Honeywell had paid a total of N3.5 billion to
Ecobank as full and final settlement of all its obligations to the
bank.
Otudeko stated this while when testifying at the continue hearing of a
suit filed by Honeywell against Ecobank over a debuted N5.5 billion
debt before Justice Mohammed Idris.
While being cross-examined by Honeywell’s counsel, Chief Wole
Olanipekun, SAN, Otudeko affirmed that the Honeywell companies,
following an agreement reached with the MD of Ecobank Jibril Aku and
other executives of the bank on July 22nd 2013, paid a total sum of
N3.5 billion as full and final settlement of Honeywell’s obligations
to the bank.
Prior to giving evidence, Ecobank’s counsel, O.A. Divine sought to
stall proceedings by making an application to adjourn the matter on
the basis that yet another appeal and an application for stay of
proceedings had been filed just yesterday at the Court of Appeal.
Honeywell ‘s counsel, Chief Wole Olanipekun, SAN 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 Ecobank’s witness, Dr. Oba 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 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 Ecobank’s counsel was not a
certified-true-copy.
On the issue of the matter for the day, Justice Idris also affirmed
that indeed the, “ruling of the court cannot be arrested”. Justice
Idris subsequently ruled that cross examination should proceed.
Olanipekun concluded the cross examination of Dr. Oba Otudeko and
Ecobank’s counsel declined to re-examine him. The witness was
thereafter discharged.
It appears that Ecobank’s strategy to call Oba Otudeko as its star
witness fell flat on its face as counsel was unable to extract any
testimony from Otudeko to support Ecobank’s case. Despite being the
party that invited the witness, Ecobank’s counsel abruptly declined to
proceed with the witness.
Justice Idris had adjourned the case till 12th March, 2018 for further hearing.
