Ecobank tackles Honeywell over debt

By Odunewu Segun

Ecobank Nigeria Limited, says it will continue to pursue the recovery of monies owed by Honeywell Group, adding that it would strongly resist any attempt to blackmail it by the use of a frivolous N72bn suit.

In a statement released on Monday by management of the bank, it said contrary to the picture being painted by Honeywell Group,  it is unhindered by the continued attempts to coerce the public into believing  that the Honeywell Group has fully paid its overdue debt.

The statement reads: “Ecobank’s attention has been drawn to several media reports stating that the Honeywell Group has filed a suit claiming damages against Ecobank in the sum of N72billion.

“We wish to state that Ecobank is unhindered by the continued attempts to coerce the public into believing that the Honeywell Group has fully paid its overdue indebtedness.

“It is noteworthy that Honeywell’s recent claim for damages was published and serialised in the news media even before the bank was served with the court papers, which clearly elicits the ‘motive’ of a party owing huge sums of money.  Indeed the purport of the matter is most curious especially as there are other pending matters in court which remain undecided.

the statement said Ecobank is a Pan African bank with representation across 36 countries, saying it supports various businesses in all the countries in which it operates while holding customer deposits in safe trust.

“In the same vein, Ecobank is resolute that the businesses it supports should also honour their obligations when due. This is the crux of the demand on the Honeywell Group to pay their debts in full.

“While the matters are in court, being a responsible corporate citizen, the bank reiterated its commitment in allowing due process to prevail in court rather than use the news media.

“Our resolve is to fight to ensure that debtors fully honour their obligations after benefiting from credit facilities which helped to grow their businesses.”