Ecobank Nigeria Ltd has appealed the judgment of a Lagos Federal High Court (FHC) awarding a N72 billion damages to Honeywell Flour Mills (HFM) Plc against the bank.
The Federal High Court, Lagos, presided over by Justice M. Liman ruled against the bank in the N72 billion suit brought against the bank by Honeywell Flour Mills Plc.
In a statement by the bank, Ecobank stated that it has filed notice of appeal yesterday, seeking to overturn the judgment delivered of July 18.
The bank is also seeking an order from the Court of Appeal to uphold its notice of preliminary objection, challenging the jurisdiction of the Federal High Court to preside over the matter.
Alternatively, Ecobank requested the Court of Appeal to dismiss Honeywell’s claim at the lower court, asserting that the evidence presented did not support the claim.
Alongside the notice of appeal, Ecobank filed a motion on notice to stay the execution of the lower court’s judgment and to prevent Honeywell or any party acting on their behalf from taking advantage of the ruling pending the appeal hearing.
The bank also seeks to restrain the Deputy Sheriff of the Federal High Court, bailiffs, and any other involved parties from enforcing the judgment.
According to the bank, it has filed several grounds of appeal, including challenging the court’s jurisdiction to adjudicate on the matter, saying that the court lacked the power to entertain a claim for damages based on an undertaking made by the bank despite the judgment of the Supreme Court, which confirmed Honeywell’s indebtedness to Ecobank and directed Honeywell to settle its obligations.
Ecobank maintained that the Supreme Court judgment nullifies the foundation of Honeywell’s current suit.
In its third ground of appeal, Ecobank contended that the judgment was delivered outside the constitutionally prescribed period of 90 days, resulting in a miscarriage of justice against the bank.
The trial concluded on 9th March 2021, and written addresses were adopted on 16th March 2022, while the judgment was delivered on 18th July 2023, more than two years after the trial’s conclusion.
Ecobank argued that the prolonged delay affected the court’s impression of the trial, leading to a judgment that does not align with the weight of evidence presented.
Ecobank assured that it would diligently pursue the appeal with the aim of overturning the judgment of the Federal High Court
