Business NewsNews

Ecobank threat causes Honeywell investors to lose N3.17bn

Ecobank threat causes Honeywell investors to lose N3.17bn

Honeywell Flour Mills Plc (HFMP) investors have lost N3.17 billion as Ecobank Nigeria scared the capital market away from the consumer foods manufacturer amid acquisition from Flour Mills of Nigeria (FMN).

According to RIPPLES NIGERIA, reports that Ecobank in a letter had warned the capital market about investing in Honeywell stock. Information Guide Nigeria

Ecobank stated that it had a lawsuit against the firm, which might lead to the winding up of Honeywell’s assets. Recall that both Honeywell and Ecobank have been in a legal battle over an unpaid debt of N5.5 billion.

According to a majority stakeholder in Honeywell, Oba Otudeko the debt is owed by Anchorage Leisures Limited, Siloam Limited, and Honeywell Flour Mills Plc.

He told the Appeal Court that as of December 12, 2013, his firms had paid N3.5 billion, which the billionaire stated was the full and final payment for the N5.5 billion debt, which both parties agreed on during a meeting on July 22, 2013.

Read Other Top News: 

RIPPLES NIGERIA reports that Ecobank had lost two cases at the Federal High Court and the Court of Appeal but filed an appeal with appeal no: SC/700/2019, to challenge the decisions of the lower court at the Supreme Court.

Due to the warning against purchasing or holding shares of Honeywell, the manufacturer’s stock value tanked to N3.69kobo per share from N4.09 as fear gripped the market which has been swaying positively towards HFMP.

According to RIPPLES NIGERIA, investors holding stocks of the flour firm lost N3.17 billion as share dump pulled down the value by 9.77 percent between Tuesday and Wednesday trading sessions, days after Ripples Nigeria reported Honeywell Flour shareholders gained N2.61 billion from the acquisition announcement.

Ripples Nigeria analysis showed that the 9.77 percent decline caused total shareholder investment to drop to N29.26 billion on Wednesday, from N32.43 billion on Tuesday, as excitement on the stock faded amid Ecobank threat to seize business assets of Honeywell. Jamb Result 

Wednesday’s loss wiped the N2.61 billion gain Honeywell investors had amassed in the capital markets three days ago.


Check and Confirm: How much is Dollar to Naira Today       Pounds to Naira Today 

⚽ Start winning football betting today!

👉 Get correct FREE GG and Over 2.5 football prediction tips. Click here to join



👍Showcase your business here!

With over 1M unique users per month across all channels, we have a large audience for you to showcase your products and services. Simply get in touch via 👉 marketing@Infoguidenigeria.com.


🤑 Make Money now!

👉 Make money writing for us. Apply for Freelance writing jobs in Nigeria.

👉 Make Money as InfoGuideNigeria Advertising Agents, read more here


✍️ Be Our Guest Publisher!

Do you have a press release, breaking news,  or any other helpful information to share with our growing readers? If yes, send your article to 👉 infoguidepr@gmail.com.

We will be glad to publish it if the information is useful to our audience.


This post can be helpful to somebody else, please share it on Facebook, Whatsapp, Telegram and Twitter. There are buttons below for this (easy to use too)!

Copyright Warning!

Contents on this website may not be republished, reproduced, redistributed either in whole or in part without due permission or acknowledgment.
Proper acknowledgment includes, but not limited to (a) LINK BACK TO THE ARTICLE in the case of re-publication on online media, (b) Proper referencing in the case of usage in research, magazine, brochure, or academic purposes,.
All contents are protected by the Digital Millennium Copyright Act 1996 (DMCA).
We publish all contents with good intentions. If you own this content & believe your copyright was violated or infringed, please contact us at [infoguidenigeria@gmail.com] to file a complaint and we will take necessary actions immediately.

Idongesit Akpa-Ayang

Idongesit is a graduate of Communication Arts, University of Uyo. Currently working as a news reporter at InfoGuide Nigeria.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button