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Ecobank vs Honeywell: Court rules on a settlement agreement

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6 years ago

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The Honeywell Group Friday, emerged victorious in its protracted legal dispute with Ecobank Nigeria Limited, with the judgment delivered by the Federal High Court, Lagos in which the court held that Honeywell’s payment of N3.5 Billion between 2013 and 2014 constitutes the full and final settlement of its indebtedness to Ecobank.

Trial judge, Justice Olayinka Faji, in his judgmenr held that there was a valid agreement reached at various meetings between representatives of Honeywell and Ecobank on July 22, 2013 and in line with the agreement, Honeywell made payments to the bank in order to settle its indebtedness. However, same could not be said of Ecobank which rather than keep to the terms of the sgreement, sought to introduce new terms. The court held that all through the course of the instalmental payments being made by Honeywell, Ecobank did not at any time raise any objections to the payments. The court held that the amount now being claimed by the bank was not at any time mentioned in the meetings or series of correspondence with Honeywell. Meanwhile, Ecobank has said it will appeal the judgment of the court, saying it strongly disagrees with the decision of the court. It will be recalled that Anchorage Leisures Ltd, Honeywell Flour Mills Plc., and Siloam Global Limited (all members of the Honeywell Group), in August 2015, instituted a suit before the court in Lagos seeking the determination of whether or not the companies are truly indebted to the bank following the payment of the sum of N3.5 billion as full and final settlement of their obligations to Ecobank, based on a mutual agreement between Honeywell and Ecobank. Testifying in the course the trial, Honeywell Group’s Head of Treasury and Finance, Oluwakemi Owasanoye told the court that by an agreement reached at a meeting held on July 22, 2013, the bank agreed to merge the collective indebtedness of Honeywell’s three subsidiaries, which amounted to N3.5billion. Owasanoye added that part of the agreement reached with the bank was that N500million must be paid immediately, while the balance of N3billion would be paid before the exit of the Central Bank of Nigeria, CBN examiners from the bank. MAccording to her testimony, Honeywell complied with the terms of the agreement, and thereafter, wrote to inform the bank of its compliance and the need for the bank to formally discharge the company of any further obligation. She stated that the bank in its reply to the letter did not raise any objections. Honeywell, she said, was however, surprised when the bank proceeded to demand for further payments in respect of the debt which had been fully liquidated for over a year. She stated in her testimony that when the dispute arose, the Company referred the matter to the Bankers’ Committee which resolved the matter in favour of Honeywell. In his restimony, Ecobank witness, Mr Elemi Agbor, Head of Corporate Communications of the bank, while being cross examined by Honeywell’s lawyer, Mr Olabode Olanipekun, SAN, insisting that the agreement for the payment was for a two-term payment only. He said the agreement stipulates that N500m must be paid that same day and the balance later. He was however, unable to substantiate his assertion before the court. Meanwhile, Ecobank while reaction to the judgment, said it was to appeal the judgement delivered by the Lagos Federal High Court, on the protracted N5.5 billion legal suit between Honeywell and Ecobank. It said was will fully prosecute the appeal as it strongly disagrees with the decision of the court. It said, “It will appeal the judgment as same did not take into consideration salient facts put before the court. In the view of Ecobank, a debtor should be made to pay its full debt having failed to pay as and when agreed.” A spokesperson for the bank said that the company will pursue recovery of the debts owed by the Honeywell companies to the logical conclusion through the courts, as return of depositors’ funds is key to ensuring the sanctity of agreements and viability of continued support and growth of local businesses by Banks.

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Lagos Celebrates Africa’s First AI Radio and Robotic Brilliance

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2 weeks ago

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March 4, 2025

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In a dazzling display of digital innovation, Tingo AI Radio—Africa’s first AI radio—hosted a meet and greet that brought together indigenous communities and tech enthusiasts in Lagos. The event showcased an array of mind-blowing robotic automations and AI-driven innovations designed to transform local industries. Live demonstrations featured robots assisting in tasks such as precision agriculture and digital storytelling that captured the cultural heritage of the community. “This event has opened our eyes to a new era of possibilities,” exclaimed community elder Mr. Babatunde. Engaging panel discussions provided insights into how AI can revolutionize education, commerce, and traditional crafts. Interactive booths allowed participants to experiment with digital technologies, while experts emphasized the importance of ethical innovation. Tingo AI Radio’s status as the first AI radio in Africa lent a visionary edge to the proceedings, underlining its role as a trailblazer in merging advanced media with indigenous traditions. The day concluded with a shared sense of optimism and determination to embrace future opportunities that will bridge the gap between heritage and technology. This landmark event has set the stage for ongoing initiatives aimed at empowering local communities through digital transformation.

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Police kill abductors of former AIG Hakeem Odumosu’s wife, recover ransom

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2 months ago

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January 23, 2025

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Operatives of the Nigeria Police Force have killed the abductors of Folashade Odumosu, the wife of former Assistant Inspector General of Police, Hakeem Odumosu.

The Force Public Relations Officer, Olumuyiwa Adejobi, who disclosed this to Channels TV on Thursday morning, said the victim also regained her freedom on Wednesday.

The retired AIG’s wife was kidnapped last Thursday at the entrance of her residence in Arepo, Owode Local Government Area of Ogun State.

Society Reporters learned that the Ogun State Commissioner of Police, Lanre Ogunlowo, led the operation that rescued the retired AIG’s wife.

The kidnappers whisked the victim through a swampy area to an unknown destination after dragging her out of her SUV.

Giving an update on the matter, Adejobi said the operatives also recovered the ransom paid to the kidnappers as bait.

However, he refused to disclose the amount paid to the kidnappers or where exactly the victim was rescued.

 

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ENHANCING PUBLIC SAFETY AND SECURITY: THE HALO TRUST AND US GOVERNMENT PARTNER TO PROVIDE AMMUNITION HANDLING AND ACCOUNTING TRAINING AT IKEJA LAGOS.

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3 months ago

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December 22, 2024

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The Nigeria Police Force Explosive Ordnance Disposal – Chemical Biological Radiological and Nuclear (NPF EOD-CBRN) has successfully completed the first batch of training for 19 personnel on Ammunition Handling and Accounting Course. The training, held in Ikeja, Lagos, from December 3-20, 2024, was organized by The HALO Trust and sponsored by the United States Department of State’s Bureau of International Narcotics and Law Enforcement Affairs.

According to The HALO Trust’s Country Director for Nigeria, Prince Ganiyu Otunba, this training is part of aholistic NPF-HALO developed project aimed at supporting personnel capacity building, addressing equipment needs, and enhancing the operational readiness of the NPF EOD-CBRN Command to mitigate explosive ordnance threats in Nigeria. A second batch of 22 personnel is scheduled to undergo the same training in January.

The Inspector General of Police, IGP Kayode Adeolu Egbetokun PhD, NPM, through the CP EOD–CBRN CP Patrick Atayeroexpressed gratitude to the Bureau of International Narcotics and Law Enforcement Affairs andThe Trust HALO for their support.

The training aimed to equip NPF EOD-CBRN personnel with the knowledge, skills, and best practices necessary to handle and account for ammunition and explosives safely and securely. The course also focused on ensuring proper accounting and record-keeping, preventing theft and diversion, reducing the risk of unplanned explosions at munitions sites, and promoting international best practices.

The NPF appreciates the support provided by the United States government, which will have a profoundly positive impact on the society.

CP Patrick Atayero emphasized the importance of responsible ammunition management in preventing the proliferation of illicit weapons and reducing the risk of unplanned explosions at munitions sites. He urged all stakeholders to collaborate with the Police in efforts to prevent the diversion, misuse, and unauthorized handling of explosive and other hazardous materials.

About HALO

The HALO Trust is the world’s largest humanitarian organization engaged in the field of Mine Action and weapons and ammunition management. With over 35 years’ experience, The HALO Trust is the most experienced organization in the field of Weapons and Ammunition Management, rehabilitating and constructing armouries and ammunition stores to international standards, disposing of unsafe and unserviceable weapons and ammunition, and building national capacity to allow for the safe, accountable and secure management and control of weapons and ammunition.

The HALO Trust presently implements Mine Action and weapons and ammunition management projects in 30 countries and territories. In 2024, HALO trained a total of 106 Nigeria security forces personnel in weapons and ammunition management.

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