This is Tekedia Mini-MBA curriculum: 14 modules for close to 100 courses, taught by executives of some of the finest companies you admire. Go here and check the courses https://school.tekedia.com/structure/ , and if possible, join us for the next edition which begins Sept 11.

Week 1: Innovation, Design Thinking & Growth

Week 2: Business Systems & Processes

Week 3: Business Model & Transformation

Week 4: Exponential Technologies and Singularity

Week 5: New Technologies, Growth, Disruptive Innovation

Week 6: Finance, Investing, Fundraising

Week 7: Logistics & Supply Chain Management

Week 8: Marketing, Sales Management & Business Objectives

Week 9: Law, Contracting & Globalization

Week 10: Leadership, Human Capital & Project Management

Week 11: Business Communication, Design, Media & Branding

Week 12: Accounting, Sustainability & Risk Management

Week 13: Growth, Pricing & Taxation

Week 14: Startups, New Businesses, Products, Markets, Customers

Final Week: Business Execution and Closure

Cost: N90,000 or $170 – the most affordable business education out there.

The Federal High Court sitting in Lagos has ordered Ecobank Nigeria Limited to pay Honeywell Flour Mills Plc. N72.2 billion in damages, ending the legal tussle that began in 2015 between the two entities.

The ruling was delivered on Tuesday by Justice Mohammed Liman, who held that Ecobank erred by obtaining an ex parte order to freeze Honeywell’s bank accounts and assets.

The ex parte order was issued to wind up the company and resolve its liabilities to the bank. In return for the ex parte order, Ecobank agreed to compensate Honeywell for any losses.

As a consequence, Honeywell Flour Mills faced significant disruptions in its operations as they were unable to fulfill commitments to stakeholders. The company encountered difficulties in processing letters, paying distributors, and suppliers, putting the livelihoods of over 2,000 employees at risk and severely impacting their reputation and business operations.

Struggling for weeks to run their business without access to their bank accounts, Honeywell Flour Mills eventually applied for the discharge of the orders. The court granted limited access to its accounts by varying the asset freezing ex-parte orders.

In March 2016, the Court of Appeal overturned the ex-parte orders, restoring Honeywell Flour Mills’ right to operate its accounts without restrictions. The Court of Appeal stated that Ecobank’s application to freeze the assets should not have been allowed to stand.

However, Ecobank was dissatisfied with the Court of Appeal’s ruling and took the matter to the Supreme Court. In July 2018, the Supreme Court upheld the judgment of the Court of Appeal.

Following the confirmation of the Court of Appeal’s decision by the Supreme Court, Honeywell Flour Mills demanded that Ecobank fulfill its promise to compensate for the loss incurred due to the illegitimate ex-parte decree. To recover damages, the corporation sued Ecobank for over N72 billion.

“The plaintiff was denied the use of funds in his account based on the ex parte order granted in favor of the defendant. It is therefore my firm view that the plaintiff (Honeywell) is entitled to the amount claimed… The argument of the defendant in his written address is therefore not acceptable as the contents of the document are the best evidence and they speak for themselves,” he said.

“The provisions of the winding up rules are very clear and unambiguous. The defendant cannot claim ignorance of this provision as ignorance of the law is no excuse and it is even more inexcusable if it is committed by a lawyer. The ex parte application was therefore made ultra vires.”

Justice Liman firmly concluded that the court was undeniably convinced that Ecobank had violated the law and caused substantial harm to Honeywell Flour Mills through the asset freeze. Despite Ecobank’s efforts to challenge the legality and technical aspects of the restrictions and seek the dismissal of the lawsuit, the court held its ground in favor of Honeywell Flour Mills.
The court found the defendant’s arguments to be unconvincing and granted all four reliefs requested by the plaintiff, resulting in a total award of N72.2 billion.

“The plaintiff was denied the use of funds in his account based on the ex parte order granted in favor of the defendant. It is therefore my firm view that the plaintiff (Honeywell),” the court ruled.

The legal dispute, which stemmed from a series of allegations and counterclaims between Honeywell Flour Mills and Ecobank, ended just in time for a spinoff dispute between the two entities.

Earlier this month, Ecobank had written First Bank Nigeria Holdings, seeking to stop an N87.8 billion share acquisition deal initiated by Honeywell. Ecobank claimed it’s being owed up to N13,507,052,417.99 by Honeywell Group and its owner Otudeko, and by purchasing the FNBH shares, the company is diverting funds that ought to be used for the repayment of the debt.

In its response, Honeywell described the letter as false. The flour mill through its lawyers said “No order of the court has awarded any judgments sum (as debt owed) at all in favor of Ecobank as a liability from our clients or any of the Honeywell companies.”

Ecobank said it would appeal the High Court’s ruling, which it described as “perverse and cannot stand the test of time.’

In geography, an oasis is an isolated area in a desert which provides habitat for animals and humans depending on the size. In business, we also have oases, the critical and important products or services in firms. In the accompanying video in this piece, I explain the One Oasis Strategy and the associated Double Play Strategy. These two strategies which I have written in Harvard Business Review will help you on your capital allocation as you fix market frictions.

Understanding that where your company makes money (the value capture in your business model) may not be evidently what people know that company for. Amazon is known for ecommerce but most of its profits come from AWS. Samsung is known for Galaxy series but most of its profits come from Samsung Electronics. But without the ecommerce, the AWS will not thrive, and without the Galaxy, the electronics will fade. That is the connection between the One Oasis and the Double Play Strategies.

Take an excursion with me, as I explain new business models of the 21st century. Rethink your #BusinessModel because it has more impact on your success than how hard working you may be. And technology has expired most commonly used business models. That is the reason why more than 80% of all the leading digital companies have incorporated one business model at scale. Hahaha. Let’s go