Following media reports on the move by Flour Mills Nigeria Plc to acquire 71.69 per cent stake in Honeywell Flour Mills Plc, Ecobank Nigeria Limited has issued a 7-day ultimatum to Flour Mills to desist from consummating the agreement on the ground that the company was hugely indebted to the bank.
Aggrieved with the decision of the trial Court, Ecobank revealed that it had filed an appeal, with appeal No: CA/L/1041/2016) at the Court of Appeal, Lagos Division, adding that upon review of its case, the appellate court had found merit in the appeal, and held that the winding up proceedings against Honeywell Group Limited was properly commenced and that the Federal High Court had jurisdiction to hear the said petition.
Ecobank added that the provisions of Section 577 of the Companies and Allied Matters Act 2020 “CAMA” stated that “Where a company is being wound up by the Court, any attachment, sequestration, distress or execution put in force against the estate or effects of the company after the commencement of the winding up is void”