The Lagos Division of the Court of Appeal has dismissed an appeal filed by Ecobank Nigeria Plc in its $9.5 million foreign exchange dispute with Kam Industries Nigeria Limited.
The court recently described the financial institution’s legal action as “incompetent.”
In a ruling delivered by a three-member panel consisting of Justices Folashade Ojo (presiding), Paul Ahmed Bassi, and Ngozika Okaisabor, the court unanimously upheld a preliminary objection filed by Kam Industries.
According to the judges, Ecobank’s appeal, lodged on April 29, 2025, lacks legal merit because it goes against an administrative hearing notice, not a substantive court ruling.
The court eventually awarded N1 million in costs against Ecobank, payable to Kam Industries.
The legal dispute comes after Justice Daniel Osiagor of the Federal High Court in Lagos changed a Mareva injunction that froze Kam Industries’ assets across 25 banks.
Justice Osiagor permitted the release of N500 million from the frozen funds to allow Kam Industries to pay salaries to over 4,000 employees across Nigeria.
Ecobank, represented by Senior Advocate of Nigeria Kemi Balogun, frowned at the decision, challenging it by appealing a hearing notice issued on April 14.
The bank insisted that the court went beyond its jurisdiction to schedule a hearing date (April 30) before its reserved ruling on the injunction (June 4), tagging the move a clear violation of legal procedure.
However, Kam Industries’ counsel, Yusuf Ali, SAN, responded by describing the appeal as baseless. He maintained that a hearing notice is an administrative tool, not a judicial ruling; therefore, it cannot be appealed.
Yusuf revealed that Ecobank filed the appeal without the required court approval, especially because the matter involved both legal and factual issues.
Agreeing with the legal rep for Kam Industries, Justice Ojo said, “A hearing notice is simply an administrative act from the court registry, not a decision or order capable of being appealed.”
She further blasted the bank for not seeking leave of court before raising issues of fact, stating the appeal lacks competence.
The court reiterated that the appeal does not serve any useful purpose, hence the decision to unanimously strike it out.
“The appeal filed on April 29, 2025, is incompetent and is accordingly struck out, with costs assessed at N1,000,000 in favour of the Respondents,” Justice Ojo added.
