involves Honeywell Group, one of the country’s biggest conglomerates with a diverse portfolio that spans agriculture, food processing, consumer products and telecommunications and Ecobank, a pan-African financial giant with operations in 33 countries. While it has seen an uptick in media attention over the last few months due to some eye-raising developments, most of the reporting and commentary has been mired in the minutiae of who wrote what and who is claiming what.
By early 2014, the companies had completed the payment of the agreed sum. Honeywell thereafter wrote to Ecobank confirming the completion of the payments and requested a letter of discharge, the release of the securities held against the facilities and an update of the Group’s accounts on the Central Bank of Nigeria’s Credit Risk Management System portal.