Ecobank Nigeria Limited has said it will appeal a judgement by the Federal High Court in Lagos which delivered a N72bn judgment in favour of Honeywell Flour.
While saying the judgment could not stand the test of time, the bank said it “will vigorously challenge same, and remain confident that it can reverse this judgment at the higher courts.”
Sources from the bank on Wednesday morning stated that the instant suit was an action filed in 2018 for the enforcement of the bank’s undertaking to damages which was filed in pursuance of its winding up petition and the Ex-Parte Orders which were granted in favour of the bank.
It said, “We challenged the action through a Notice of Preliminary Objection dated 16th October, 2018 whereby we challenged the jurisdiction of the Federal High Court, as (among other reasons), the action did not fall within the provisions of Section 251 (d) of the Constitution, being that the subject matter of the suit was for the claim of damages arising out of an Ex-Parte Order, as opposed to a banker-customer relationship.