Bankruptcy: Court adjourns Ecobank’s suit against Otudeko till July 4

The Federal High Court sitting in Lagos has fixed July 4 for hearing in the bankruptcy suit filed by Ecobank Nigeria Ltd against businessman, Dr. Oba Otudeko.

The suit, marked FHC/L/BK/19/2015, was scheduled for Tuesday, but Justice Akintayo Aluko adjourned same in view of court’s heavy workload.

However, Ecobank’s counsel Mr Kunle Ogunba, SAN, informed the judge that the adjourned date of July 4 was too long, in view of certain developments that made an urgent hearing of the bankruptcy action necessary.

He said Ecobank had filed an affidavit for the record, exhibiting a notice of discontinuance of its appeal and the judgment of the Supreme Court delivered on January 27, 2023 wherein the Supreme Court affirmed the indebtedness of Otudeko’s firms to Ecobank.

But the court noted that since counsel representing Otudeko had already been notified of the July 4 date, it would not be fair to change same.

The court consequently directed Ogunba to author a correspondence for abridgment of time for hearing of the bankruptcy action and to copy Otudeko’s counsel as legally enjoined.

Ogunba further informed the court that the situation was identical with the winding up action Ecobank filed against Siloam Global Services Ltd which was meant to come up Tuesday but was adjourned to same July 4.

It will be recalled that Ecobank filed the bankruptcy action against Otudeko for his inability to repay the loans availed his companies by Ecobank, which he secured via his personal guarantee.

Otudeko’s companies (Honeywell Flour Mills Plc, Anchorage Leisures Limited and Siloam Global Services Limited) had challenged their indebtedness to Ecobank by filing an action at the Federal High Court in Suit No. FHC/L/CS/1219/2015.

The said matter which went all the way to the Supreme Court was determined by the apex court on January 27, 2023 whereat the court held that Otudeko’s firms were indebted to Ecobank and that they were duty bound to repay all the facilities availed them by the bank, in line with the contract of the parties.