Business
Ecobank To Challenge N72.2bn Damages Awarded Honeywell
The last has not been heard of the protracted court case involving Ecobank Nigeria Limited and Honeywell Flour Mills Plc, with the former poised to file an appeal against the N72.2 billion damages awarded the later.
This is based on conviction within the bank that the judgment of the Federal High Court (FHC), which was delivered on Tuesday in Lagos by Hon Justice Mohammed Liman would not pass the test of the law.
Biztellers gathered from those who know at the lender that it “will vigorously challenge same, and remain confident that it can reverse this judgment at the higher courts.”
In a reaction to the judgment, they recounted on Wednesday that the instant suit was an action instituted in 2018 for the enforcement of the bank’s undertaking to damages which was commenced pursuant to its winding up petition and the Ex-Parte Orders which were granted in favour of the bank.
It said, “We challenged the action through a Notice of Preliminary Objection dated 16th October, 2018 whereby we challenged the jurisdiction of the Federal High Court, as (among other reasons), the action did not fall within the provisions of Section 251 (d) of the Constitution, being that the subject matter of the suit was for the claim of damages arising out of an Ex-Parte Order, as opposed to a banker-customer relationship.
“Trial was concluded in this matter since 9th March, 2021 and the parties adopted their final written addresses alongside our notice of preliminary objection on the 16th March, 2022, the court then adjourned the matter to 27th May, 2022 for judgment.
“While the court failed to deliver judgment on the said date, the registrar of the court promised to inform counsel whenever the judgement was ready.
“In the wake of the Supreme Court’s decision in the bank’s favour, in Suit No. SC/CV/210/2021 which was delivered on 27th January 2023, the bank further filed a motion on notice dated 9th March, 2023 to dismiss the suit on the grounds that same has become academic as a result of the judgment entered in favour of Ecobank wherein the Supreme Court held that Honeywell remained indebted to the bank.”
The sources also added that, “The court heard (the) motion dated 9th March, 2023 and adjourned to 23th June, 2023 for ruling on our two applications and also for delivery of judgment.
“The court consequently delivered the said ruling/judgment today July 18 via a virtual proceeding at about 4pm. In its judgment, the court dismissed the two applications we filed, holding that it has jurisdiction to entertain the suit and also that the suit had not become academic.”
Ecobank maintained that in reaching its judgment, “the court ignored/refused (among others): Submissions showing that the Ex-Parte Orders were discharged on points of law and not that it was frivolously obtained by the bank; that the Ex-Parte Order lasted for less than two weeks, contrary to the claim of Honeywell which was said to have covered the period of three years; that the documents presented by Honeywell particularly the annual returns did not show the alleged damage, hence same was indeed non-existent;
“That documents from various other banks who were served with the ex-parte order showed that the Honeywell companies were indeed highly indebted to them, hence there was no way the Ex-Parte Orders would have frozen funds in the said banks; and more importantly, the court refused all the objections regarding the documents maliciously prepared by Honeywell for the sole purpose of instituting the suit and claiming unjustifiable sums from the bank.”
The lender pointed out that it is a member of the Ecobank Group, the Pan-African Bank which is proudly and fully committed to transparency in all the countries where it operates, and abide by laws and regulations.
It therefore, expressed the desire that the matter should be conclusively determined in line with the applicable judicial process.
Business
Adoption of AI Feature as NIPetGE Pays Courtesy Call at NNPC Ltd
Enhanced adoption of artificial intelligence and other digital technologies to improve operations in Nigeria’s oil and gas industry is taking the centre stage in relevant circles.
The issue came up strongly when the President-elect of the Nigerian Institute of Petroleum and Gas Engineers NIPetGE, Prisca Kanebi, paid a courtesy call at the Nigerian National Petroleum Company Limited (NNPC Ltd), Abuja.
Biztellers reports that the Kanebi led delegation was received by the Group Chief Executive Officer of the NNPC Ltd, Bayo Ojulari, represented by the Executive Vice President, Gas, Power and New Energy, Olalekan Ogunleye.
According to a statement made available on Sunday, discussions at the meeting focused on the future of Nigeria’s hydrocarbon industry amid global energy transition concerns, technological changes and sustainability targets.
ALSO READ: NNPC Ltd, IOCs Raise Crude Supply to Local Refineries by 103% in 4 Months
The statement indicated that the NNPC Ltd acknowledged the role of NIPetGE in policy advocacy, technical development and innovation within the sector.
Speaking during the meeting, Kanebi highlighted recommendations from the institute’s recent conference, including the proposed establishment of a national centre for intelligent energy systems to support the deployment of artificial intelligence, the Internet of Things and robotics across the petroleum value chain.
She also commended the Federal Government’s decarbonisation efforts and reiterated the institute’s support for policies aimed at improving sustainability in the industry.
The institute also recommended the creation of a hydrocarbon-linked emissions trading system to allow Nigeria to take part in global carbon markets.
The institute also proposed fiscal incentives to support local manufacturing and service delivery in the oil and gas sector, as well as the expansion of the Energy Transition Plan to include measurable upstream decarbonisation targets backed by tax credits.
Other proposals included increased public-private partnerships in emission control infrastructure, carbon capture projects and hybrid renewable energy initiatives.
Both organisations also stressed the need for stronger collaboration between industry and academic institutions to improve professional capacity and align petroleum engineering practice in Nigeria with international standards.
The institute further disclosed that its bill seeking chartered status had passed second reading and was progressing towards a third hearing at the National Assembly.
It added that NNPC Ltd pledged support for future collaborations with the institute on initiatives aimed at improving efficiency and innovation in the energy sector.
Business
FHC Orders NUPRC to Comply with PIA
Business
Local Firms Lead Revival of Idle Oil Wells – SPE
Nigeria’s indigenous oil and gas companies are reopening dormant wells and ramping up production from assets acquired from international oil companies (IOCs) to boost crude oil output.
The Society of Petroleum Engineers (SPE), Nigeria Council, made the assertion through its Chairman, Francis Nwaochie, on the sideline of the Offshore Technology Conference (OTC) which ended at the weekend in Houston, Texas.
Nwaochie said indigenous operators were already taking advantage of opportunities created by disruptions in the global energy market to increase production from existing assets.
According to him, local firms that recently acquired onshore and shallow water assets from IOCs were aggressively reviving inactive wells and maximizing available infrastructure to raise output levels.
“What we are seeing now is that indigenous companies are reopening wells from the assets they acquired from the IOCs. Some of them have almost doubled production from those existing assets,”.
He explained that the renewed focus on dormant wells and existing facilities had become critical at a time the global oil market was facing supply shortages triggered by geopolitical tensions in the Middle East.
The SPE Nigeria Council Chairman noted that Africa, particularly Nigeria, was well positioned to benefit from the supply gap because of the continent’s relative stability compared to some other oil-producing regions.
“There is a huge opportunity for Africa right now. The focus is gradually shifting to Africa because of the volatile environment in many other producing regions.”
He stated that indigenous operators were leveraging digital technologies, financing opportunities and local expertise to improve production efficiency and optimise existing fields.
He added that stronger implementation of local content policies was also helping to create a more stable operating environment for oil and gas investments.
“Local content is very critical. Once communities and local companies clearly understand their roles and benefits, then you create peace across the industry. Business only thrives in peaceful environments.”
ALSO READ: Nigerian Navy Recovers Large Cache of Illegal Refined Petroleum Products
Nwaochie also stressed the need for Nigeria to move beyond crude oil production and begin developing indigenous technologies for the energy industry.
According to him, SPE Nigeria Council was actively supporting innovation and technology development among young Nigerian engineers and researchers.
He disclosed that the association was engaging the National Universities Commission(NUC) on reforms to engineering curricula in universities to better prepare graduates for the future of the energy industry.
“One of our major focuses in SPE is technology development. We should not only import machines and equipment, we must begin to develop our own technologies locally.”
Nwaochie revealed that SPE was already supporting local innovators working on technologies such as remotely operated underwater vehicles (ROVs), noting that indigenous technology development will strengthen Nigeria’s economy and deepen local participation in the oil and gas sector.
“We may not get everything right immediately but we must start somewhere. That is how countries that dominate the global energy industry built their capacities.”






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