The Court of Appeal Lagos Division, has fixed February 22 to hear all the pending applications in the various appeals filed by Ecobank Nigeria Ltd and Honeywell Flour Mills Plc, over alleged N3.5 billion unpaid loan.
Justice C.E Iyizoba (presiding) fixed the date after counsel to Ecobank, Mr. Kunle Ogunba SAN and that of Honeywell, Chief Wole Olanipekun SAN highlighted all the pending applications and urged the court to set them down for hearing.
Ecobank had on November 18, 2015 filed an Exparte application before a Federal High Court in Lagos, seeking an order, freezing the account of the respondent.
Justice Mohammed Yunusa had on the said date, issued an interim order, freezing the respondent’s account, but subsequently varied the order on December 4, 2015, and held that Honeywell could withdraw a minimum of N15 million weekly.
Dissatisfied with the decision, Honeywell through its lawyer, Chief Olanipekun (SAN) appealed against the ruling and prayed the appellate court for an order suspending the Exparte orders made by the lower.
The respondent also sought in the alternative, an order, varying the orders of the Federal High Court delivered on Dec. 4, 2015.
When the matter was called on Wednesday, Olanipekun informed the court of pending applications before it, and sought to proceed with moving same.
He urged the court to allow him proceed with the application on the ground that it was a “Save Our Soul’ issue stressing that the matter concerns thousands of people in the employment of Honeywell.
In the same vein, counsel to Ecobank, Mr Ogunba (SAN) informed the court of his notice of cross appeal number CA/L/1261/2016 against Honeywell’s appeal.
The presiding judge, Justice C.E Iyizoba however, informed counsel that the applications were not ripe for hearing.
The judge then fixed February 22 to hear Ecobank’s cross appeal alongside Honeywell’s appeal and two other suits involving the same parties.
In its cross appeal, Ecobank challenges the entire consolidated ruling of the lower court in respect of the appellant’s motion on notice dated November 26, 2015.
Ogunba avers that the Company and Allied Matters Act allows for the preservation of assets by interim orders in a winding up petition, pending the appointment of a liquidator.
He avers that the trial court erred and caused a miscarriage of justice by allowing the respondent a weekly cumulative withdrawal of N15 million from its attached account, having not denied its indebtedness to the appellant.
According to Ogunba, the lower court occasioned a miscarriage of justice by allowing Honeywell to dissipate the preserved assets, pending the hearing of an application for appointment of a liquidator.
He further avers that Honeywell as at the date of the order had not filed an affidavit in opposition to the application for the appointment of a liquidator.
Ogunba therefore, submits that the statutory exercise of powers of a liquidator will become an exercise in futility, by virtue of the dissipation allowed by the trial court.
