• Says Ecobank not awarded N13.5b debt claim
The crisis rocking FBN Holdings Plc’s share acquisition continues with the Chairman of Honeywell Group, Dr. Oba Otudeko, advising the Chief Executive Officer of the financial group, Nnamdi Okonkwo, to excuse himself from the controversy and concentrate on his “statutory duties.”
In a letter addressed to the chief executive, through his legal counsel, Wole Olanipekun & Co, the investor argued that the responsibility of the chief executive officer does not include actions Ecobank Nigeria Limited’s letter requested of him, “including but not limited to intervention in transactions between third parties on the Nigerian exchange”.
Earlier, in a letter obtained by The Guardian, Ecobank urged FBN to stay action on 4.77 billion shares purchased by Otudeko as ratifying the holding would amount to assisting the billionaire in fund diversion.
Ecobank, through a letter written by its legal counsel, ‘Kunle Ogunba & Associates, and dated July 7, 2023, accused the businessman of seeking to divert the money meant to offset over N13.5 billion owed the lender.
It said the debts, which courts of competent jurisdiction had ruled over in its favour, were “personally guaranteed” by Otudeko.
But Otudeko’s lawyers claimed there were no such rulings; their client was a defendant where the judgment was delivered in favour of Ecobank as it claimed in the letter.
“Neither Otudeko nor Honeywell Group Plc was a party to the Supreme Court decision/proceedings and no order was made against them,” the letter said.
Hence, it argued, the claim that Otudeko was involved in actions to frustrate the enforcement of the judgment of the Supreme Court against him was not factual neither does it have inferential basis.
Ecobank was the defendant in the claim at the Federal High Court which culminated in the decision of the Supreme Court in SC/CV/210/2021. The bank had no counterclaim right from the Federal High Court through to the Supreme Court and, naturally, the Supreme Court could not have, and, indeed did not grant or award any claim in favour of the bank the sum of N13,507,052,417.99 stated in Ecobank’s letter is/was not contained in the Supreme Court decision or any extant Court decision in Nigeria or elsewhere.
“No order of the court has also awarded same or any judgment sum (as debt owed) at all in favour of Ecobank as a liability from our clients or any of the Honeywell companies,” claimed the response letter.
It also that copies of the letter referenced were not delivered to Otudeko or the other entities addressed or copied.
