Pan African bank, Ecobank Plc, is losing its grip on a winding up petition filed against three of Oba Otudeko’s companies, over alleged unpaid N5.5 billion loan.
Prior to now, Ecobank Plc had in a petition asked Justice Idris to wind up the companies with no success.
Again, it approached Justice Jude Dagat of a Lagos Federal High Court to do same, but got a sad judgment on Monday, July 27.
In his ruling, Justice Dagat said “that it would be premature to entertain winding up application against the respondents, saying that when a judge is aware that the case before him is also before another judge, such judge should act with care.”
Furthermore, he said Justice Idris had in suit number FHC/CS/L/1219/2015, ordered parties to maintain status quo, pending the hearing and determination of the suit before him.
He said the order of Justice Idris is still subsisting.
He therefore ruled that the application to wind up Honeywell Plc and its two sister companies constitute abuse of court process, and consequently upheld the preliminary objection filed by Otudeko’s team to strike out Ecobank Plc’s suit.
The companies that Eco Bank Plc is asking to be wind up are Honeywell Flour Mill; Anchorage Leisures Limited and Siloam Global Services Limited.
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