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New Twist In Ecobank Vs Honeywell Case As Bank Appeals Justice Dagat’s Ruling.

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Ecobank

Ecobank Nigeria Limited has appealed a ruling by Justice Jude Dagat of the Federal High Court in Lagos striking out its winding-up petition against Honeywell Group Limited and its sister company Anchorage Leisures Limited.

Justice Dagat delivered the ruling on Monday on the basis that Ecobank’s suit was an abuse of court process.

But, Ecobank, through its lawyer Kunle Ogunba (SAN), has lodged two appeals at the Court of Appeal in Lagos against the companies on seven grounds each.

The bank is praying the court to set aside Justice Dagat’s consolidated ruling striking out the petition, as well as an order directing the Chief Judge of the Federal High Court to re-assign the petition to another judge for hearing.

Ecobank also filed a motion for an order of injunction restraining Honeywell and Anchorage or their agents from taking advantage of Justice Dagat’s ruling as it relates to their funds of all the banks in Nigeria pending the determination of the appeal.

The appellant, in a June 28 letter to Justice Dagat, urged the court to “urgently assign a date for hearing of the duly filed injunction in the interest of justice and in pursuance of the abiding tenet to always hold the scale of justice evenly and balanced between contending parties.”

Ecobank filed the winding-up petition against Honeywell Group’s inability to pay an alleged debt to the tune of N5.5billion.

But the companies filed motion on notice seeking to strike out the petition, following which the court ruled in the companies’ favour.

Ecobank is praying the appellate court to allow its appeal because Justice Dagat erred in law on several grounds.

In one of the grounds, it said the judge occasioned a gross miscarriage of justice and erred in law when it struck out the winding-up petition on the ground that the indebtedness is disputed.

“Learned trial judge occasioned a gross miscarriage of justice by striking out the appellant’s petition on grounds of an alleged repayment made outside contract and on terms vehemently opposed by the appellant,” the bank said.

Ecobank said the judge also erred in holding that its petition amounted to an abuse of court process because of a suit by the companies pending before Justice Mohammed Idris of the same court.

“The exercise of a right to commence a fresh action rather than counter-claim in a previously commenced action by an adversary is not an abuse of court process,” the bank said.

The appellant said Justice Dagat also erred by holding that it did not observe all preconditions in commencing the suit because “there is no precondition to be fulfilled before a party can exercise his constitutional right of recourse to court.”

The bank added: “Rights guaranteed by the Constitution are inalienable, fundamental and ranks higher to all statutory provisions including the provisions of the Companies and Allied Matters Act.”

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UBA Partners With British Airways To Reward Loyal Customers

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Pan African financial institution, United Bank for Africa (UBA) Plc and the global airline, British Airways have announced a collaboration to reward loyal customers who are cardholders of the Bank.

The promo which will last for six months from November 2019, will witness UBA customers getting significant discounts when they purchase their British Airways tickets using their UBA cards. The promo will allow customers to enjoy up between 10% to 15% discount on any ticket purchased during the campaign. The ticket fares is exclusive of taxes as is applicable to purchases of all goods and services.

The collaboration is aimed at increasing customer experience and satisfaction for both UBA Cardholders and customers of British Airways.

The General Manager, Corporate Bank, UBA Directorate, Mr Muyiwa Akinyemi, who expressed delight at the collaboration, noted that the promo between the two organizations was carefully thought out to ensure that loyal customers of the two institutions are duly rewarded while ensuring that they also receive more value for their money. He added that for persons without a UBA account, all they require to benefit from this promo is to procure a card instantly from any UBA branch nationwide.

“UBA is excited to collaborate with one of the foremost Airlines in the world to run a promotion aimed at rewarding our cardholders and premium customers who will enjoy discounted tickets and other ancillary benefits such as loyalty points on the British Airways Executive Club.”

He explained that as a customer-centric institution, UBA is always on the look-out for services and reward schemes that will ultimately benefit the customers, in line with its Customer 1st policy.

Akinyemi noted that the bank has plans to partner with other airlines in the future to provide further opportunities for reducing the cost of travel for its customers. “For now, we are partnering with a pre-eminent airline that offers class and distinction,” he said.

The Commercial Manager for British Airways in West Africa, Mr. Kola Olayinka, noted that the airline is pleased to partner with the bank due to its huge customer base and wide reach, adding that with the partnership, more customers will be able to enjoy the promo.

He said, “British Airways is excited to partner with UBA, Africa’s Global Bank, to create a mind-blowing promotion aimed at raising awareness about this service to be rendered by both institutions.”

Continuing, Kola said, “In addition, the discounts provided by British Airways will reduce the cost of travel and encourage the Bank’s customers to make more foreign trips during the period and also reward their customers and staff as a way of giving them something very tangible.”

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Heritage Bank Convenes Strategic Agribusiness Meeting With Sumitomo Corporation

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L-R: John Gbassa, CEO/MD of WAO Global Trading Ltd; Koji Shirotani, Divisional Manager, Sub-Sahara Africa Business Development Division; Afolasade Alonge, Divisional Head, Corporate and Specialized Banking, Heritage Bank Plc; Masafumi Tanimoto, General Manager, Accra Liason Office; Tsuyoshi Ueda, Assistant Managing Director; Jude Monye, Executive Director of Heritage Bank; Olugbenga Awe, Divisional Head, Agric Finance & Export and Takuya Yamamoto, General Manager, Middle East & Africa, Sumitomo Corporation, during discussion between the Heritage Bank and Sumitomo Corporation on mechanisation & Agric Business, held at bank’s head office, weekend.

Nigeria is at the threshold of the much-needed agricultural revolution, as food production remains a significant challenge all over the world, hence whilst, Heritage Bank Plc is forming an alliance to further create formidable partnership arrangements with Sumitomo Corporation that will lead to impactful agribusiness within the segments of the agricultural value chain.

This relationship that is focused on mechanization and agribusiness will complement the efforts of the Central Bank of Nigeria’s (CBN) to fast track development of the agricultural sector and enhance national food security.

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Heritage Bank Pledges Continued Support For Women Empowerment

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Heritage Bank Plc has said it will continue to lend support to causes that promote women empowerment as this will impact positively on the nation’s socio-economic development.

Managing Director, Heritage Bank, Ifie Sekibo, stated this at the “Raising Girls Summit ‘19” which held in Lagos last Friday as part of activities to commemorate the International Day of the Girl-Child.

Sekibo, who was represented at the event by the Regional Executive, Lagos & South-West, Heritage Bank, Dike Dimiri, disclosed that the lender sponsored the “Raising Girls Summit ‘19” because as he put it: “At Heritage Bank, we are committed to anything that represents women empowerment.”

According to him, the Bank has been in the vanguard of promoting financial literacy and financial inclusion especially among women because it believes that this is key for advancement in today’s dynamic world.

He said: “If we can start promoting financial inclusion especially among the girl child, then we can stand a better chance of having our children grow up to help build a strong financial system. Heritage Bank has been at the forefront of trying to ensure that financial inclusion is not just for adults but for children and more so at a very early age.”

Sekibo, who noted that Heritage Bank actively participates in financial literacy programme organized by the Central Bank of Nigeria (CBN) in different parts of the country every year, assured organizers of “Raising Girls Summit ‘19” of Heritage Bank’s continuous support

Organized by The Green Girl Company Limited, (organizers of the Miss Nigeria Beauty Pageant), the Raising Girls Summit, is part of a global effort to empower, and deliberate on issues affecting the girl-child in Africa.

It is also aimed at influencing social change and policies to ensure a better life and the future prospect of girls in Africa.

In her remarks at the event, the Green Girl Company Limited CEO, Dr. May Ikeora, thanked Heritage Bank for its support for the summit, adding that with the lender’s support, the organization was making a valuable contribution to Nigeria and the world.

She advised young girls not to focus on what society can do for them, but on what they can contribute to society.

Also speaking at the event, a former “Miss Nigeria”, Helen Prest-Ajayi, stated that if the girl-child is better educated, the country would be a better place for all Nigerians.

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