Banking
N5.5bn Debt: Ecobank Floors Honeywell At Supreme Court
Ecobank scored a major victory at the Supreme Court on Friday as it won in a N5.5 billion debt dispute against Honeywell and its sister firms, Anchorage Leisures Ltd and Siloam Global Ltd.
The Supreme Court dismissed an appeal by Honeywell Flour Mills Limited challenging the judgement of the Court of Appeal in the debt dispute with Ecobank Nigeria Limited.
The five-member panel of the Supreme Court, led by Justice Tijjani Abubakar, delivered the judgement that Honeywell, Anchorage, and Siloam were indeed indebted to Ecobank.
In the lead judgement delivered by Justice Emmanuel Agim, the Supreme Court declared the verdict of the Court of Appeal, which said Honeywell and its sister companies are still indebted to Ecobank.
“I affirm the judgment of the Court of Appeal, setting aside the decision of the Federal High Court, granting the reliefs claimed for by the appellants (Honeywell).
“I hold that the appellants’ claim at the trial court fails, and it is hereby dismissed. “The appellants shall pay the cost of N1 million to the respondent (Ecobank),” Justice Agim said.
By the instant judgment of the apex court confirming the indebtedness of the named customers to the bank, the lender can now proceed to recover from the debtor customers the total outstanding debt of N5.5 billion, including all the accrued interest from 2015.
In the wake of the legal tussle, Mr Oba Otudeko, Honeywell Group chairman, had told a Court of Appeal that the sum was owed by individual companies. These companies include Anchorage Leisures Limited, Siloam Limited, and Honeywell Flour Mills Plc.
Mr Otudeko maintained that his companies had paid N3.5 billion as of December 12, 2013, as the full and final payment for the N5.5 billion debt as agreed by the parties at a July 22, 2013, meeting. With the latest Supreme Court judgement, the companies remain indebted to the bank.
Background
On August 6, 2015, Honeywell and its sister firms, Anchorage Leisures Ltd and Siloam Global Ltd, sued Ecobank before the Federal High Court in Lagos over repayments of a N5.5 billion debt.
In the suit, the companies urged the Federal High Court in Lagos to declare that “having paid the sum of N3.5 billion in cumulative settlement of their total outstanding indebtedness” (of N5.5 billion) to Ecobank, “they owned no further debt obligation” to Ecobank “arising from their banker-customer relationships.”
As a result, they also asked the court to hold that Ecobank “was obligated to issue letters of discharge, release collaterals by which the prior indebtedness was secured.” In addition, Honeywell and its sister companies begged the court to compel Ecobank to “update” their status on the “Credit Risk Management System Portal of the Central Bank of Nigeria.”
But in its defence, Ecobank argued that an agreement was reached between it, Honeywell, Anchorage and Siloam on July 22, 2013, “for a definite settlement of N3.5 billion to be paid in terms of N500 million immediately and the balance of N3 billion before the exit of the CBN examiners from” Ecobank’s offices. Ecobank had contended that the repayment agreement period was for six months as it rejected Honeywell and its sister companies’ request to “pay the balance over a one-and-half-year period in three equal half-yearly instalments.”
The bank informed the court that the debt repayment agreement “lapsed in August 2013.” But in its judgement, the judge, Ayokunle Faji of the Federal High Court, upheld the arguments of the Honeywell Group and granted their prayers.
Dissatisfied with the verdict, Ecobank in 2015 approached the Court of Appeal. In its decision, the appellate court overturned the judgement of the Federal High Court, setting the stage for the Supreme Court’s appeal, which was resolved in favour of the bank.
By Adedapo Adesanya
The Senate has called for a strengthened regulatory framework that positions the Central Bank of Nigeria (CBN) at the centre of oversight of the country’s fast-growing fintech sector.
The recommendation was made by Chairman of the Senate Committee on Banking, Insurance, and Other Financial Institutions, Mr Adetokunbo Abiru, during a one-day public hearing at the National Assembly complex on Wednesday.
The event focused on the proposed amendment to the Banks and Other Financial Institutions Act (BOFIA) 2020 (SB. 959) and included an investigative session into fraudulent investment platforms, notably the recent Crypto Bullion Exchange (CBEX) incident.
Mr Abiru, who is a former Group Managing Director of Polaris Bank and Executive Director at First Bank Nigeria, emphasised that fintechs, including mobile money operators, digital lenders, payment platforms, and settlement companies, have become systemically important to Nigeria’s financial ecosystem.
While their growth has expanded financial inclusion, existing laws, he said, do not fully address the scale, data sensitivity, and systemic impact of these technology-driven institutions.
“The question has arisen as to whether a new standalone regulatory agency would be preferable for supervising fintechs,” Mr Abiru said.
“However, creating a separate agency would duplicate functions, fragment oversight, and increase bureaucratic costs. It is far more effective to strengthen the BOFIA framework, modernise CBN supervisory powers, and mandate coordination with key agencies such as the Securities and Exchange Commission, Nigerian Communications Commission, Corporate Affairs Commission, Federal Competition and Consumer Protection Commission, and the Office of the National Security Adviser,” he added.
The lawmaker proposed that the amendment should explicitly empower the CBN to designate qualifying fintechs as Systemically Important Institutions, establish a national registry for transparency and beneficial ownership disclosure, and strengthen risk-based supervision tailored to technology-driven financial services.
Beyond fintech regulation, the Senate intensified scrutiny on Ponzi schemes and fraudulent investment platforms.
Mr Abiru described the rising prevalence of such schemes as a threat to financial stability and public trust, citing the CBEX debacle, which reportedly caused severe financial losses to individuals across Nigeria, including professionals, traders, students, and retirees.
By Modupe Gbadeyanka
Monday, March 9, 2026, has been fixed by Zenith Bank Plc for its annual International Women’s Day seminar in Lagos.
The event is part of activities lined up to commemorate the 2026 International Women’s Day, themed Give to Gain.
The theme prepared for Zenith Bank’s programme is Take it, You Own it, and was designed to deepen meaningful engagement around women’s empowerment, leadership, and sustainable impact.
The workshop will include segments focused on leadership insight, professional empowerment, wellbeing, and collaboration, offering attendees opportunities to engage deeply with thought leadership and practical strategies for advancing equity.
With a carefully curated programme spanning keynote addresses, panel conversations, Q and A sessions, and creative interludes, Zenith Bank’s 2026 International Women’s Day Seminar promises to be a catalyst for meaningful action.
“International Women’s Day is a reminder that progress requires intentionality.
Give to Gain speaks to the responsibility institutions have to create real opportunities, while our theme, Take It, You Own It, challenges women to step forward boldly and lead.
“At Zenith Bank, we are deliberate about building environments where women are supported to grow, thrive, and shape outcomes, not only within our institution but across the communities and industries we serve,” the chief executive of Zenith Bank, Ms Adaora Umeoji, stated.
Over the years, the lender’s International Women’s Day initiatives have brought together women leaders, professionals, entrepreneurs, and emerging talents for dynamic dialogue, inspiration, and shared learning around gender equity, professional growth, and inclusive opportunity.
More than a commemorative gathering, the 2026 seminar is designed as a convergence of influence, insight, and inspiration, bringing together accomplished women and progressive leaders across business, governance, creative industries, technology, and social impact.
By Modupe Gbadeyanka
As part of activities commemorating International Women’s Day 2026, Ecobank Nigeria has improved its multi-award-winning gender financing initiative, Ellevate by Ecobank.
Originally launched to improve access to finance for women-owned, women-led, and women-focused small and medium-sized enterprises (SMEs) within its commercial banking segment, the enhanced Ellevate programme now adopts a broader, more inclusive structure.
The new framework extends across all business segments, positioning Ellevate as a comprehensive ecosystem designed to address the structural financing and growth barriers faced by women entrepreneurs.
The upgraded programme reinforces the bank’s long-term commitment to advancing women-led enterprises in Nigeria and across Ecobank’s pan-African footprint.
Under the expanded structure, beneficiaries will enjoy improved access to credit on competitive terms, including more flexible collateral considerations aimed at easing traditional financing constraints. Beyond lending, the programme integrates digital payment, collections, and cash management solutions to enhance operational efficiency and support scalability.
A core pillar of the enhancement is structured market access. Through the bank’s MyTradeHub online matchmaking platform and e-commerce enablement capabilities, women entrepreneurs will be better positioned to connect with customers and trade partners across Africa, facilitating cross-border expansion and participation in regional value chains.
The initiative also incorporates robust non-financial support mechanisms, including targeted training programmes, leadership development sessions, and knowledge-sharing platforms to strengthen managerial capacity and long-term sustainability.
This is complemented by access to customised wealth management advisory services, integrated insurance solutions, and a loyalty framework offering commercial incentives through select retail and lifestyle partnerships.
“Since its launch in Nigeria in July 2021, Ellevate has delivered meaningful impact for SMEs and women-led businesses.
“This next phase deepens our value proposition and reinforces our resolve to remain the preferred financial partner for women entrepreneurs,” the Managing Director of Ecobank Nigeria, Mr Bolaji Lawal, said.
“African businesswomen deserve world-class banking solutions that drive turnover, profitability, and sustainable growth. Our approach goes beyond financial inclusion to building an enabling ecosystem that enhances competitiveness and long-term resilience,” he added.
He further highlighted that Ecobank Nigeria consistently hosts flagship platforms such as Adire Lagos, Oja Oge, +234Art Fair, the Lagos Pop-Up Museum, SME Bazaar, and the Design & Build Exhibition, which provide prominent opportunities for showcasing and elevating women-owned businesses.
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