The Court of Appeal in Lagos on Wednesday fixed Febraury 10 for the hearing of an appeal filed by Honeywell Group seeking to vacate an order limiting its financial transaction.
The News Agency of Nigeria reports that Justice Mohammed Yunusa of a Federal High Court in Lagos had on December 14, 2015 issued the interim order in the case involving Ecobank and Honeywell.
The suit is sequel to an alleged N3.5 billion unpaid loan facility granted Honeywell by Ecobank.
Yunusa had issued the interim order limiting Honeywell to N15 million weekly withdrawal from the company’s account.
At the resumed hearing of the case on Wednesday, the Counsel to Ecobank, Kunle Ogunba (SAN), told the court that he had just been served with the court processes.
Ogunba then urged the court to give him more time to allow him to respond.
However, the Counsel to Honeywell, Dapo Olanipekun (SAN), asked the court to expedite action on the appeal because of the urgency of the matter.
Olanipekun said the order had obstructed the flow of work of his client and urged the court to expedite action.
In his remarks, Justice Sidi Bage said the court would do its best to give both parties opportunity for a fair hearing, adding that the case was not ripe for hearing.
The court consequently adjourned to February 10 for hearing of pending applications.
NAN also reports that Justice Yunusa had on December 14, 2015 granted Honeywell Flour Mills Plc access to its funds in all the banks in Nigeria.
The judge had said it would be unfair to deny the company access to its funds since the case had not been determined.
Justice Yunusa said he was inclined to vary the orders to enable Honeywell Group to meet its financial obligations.
He held that the company could withdraw up to N60 million in a month from its accounts pending when the suit would be heard and determined.
Dissatisfied with the order, Honeywell had filed an application at the Appellate court seeking to discharge the order.
NAN.
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