Union Bank rejects court ruling on NICON Investments, others

Union Bank of Nigeria Limited has disagreed with the court ruling in its case with Jimoh Ibrahim over some assets and has consequently decided to challenge the ruling.

Recall a Federal High Court in Lagos yesterday, ordered the bank to pay Nicon Investment Limited, a company owned by Senator Jimoh Ibrahim, the sum of over N400 billion as refund for a deposit equivalent to £137 million, along with 5% annual interest accrued over 14 years.

The landmark judgement marks a significant legal victory for the business mogul and senator representing Ondo South Senatorial District.

But in a statement yesterday signed by Mrs. Olufunmilola Aluko, Chief Brand and Marketing Officer of Union Bank.

The bank noted , ‘‘Union Bank of Nigeria acknowledges the judgment of Justice Abike Fadipe of the Ikeja High Court in the matter involving Senator Jimoh Ibrahim, NICON Investment Limited, Global Fleet, and the Bank.

‘‘We wish to assure our customers, partners, and the public that Union Bank operates with the highest levels of professionalism, ethical conduct, and legal compliance in all our dealings

‘‘While we respect the authority of the court, we strongly disagree with the judgment delivered and have instructed our lawyers to file an appeal against it immediately.

‘‘The court’s findings, including its position on the consolidation of indebtedness, locus standi, and third-party liability, are at variance with established legal principles and the Bank’s understanding of the facts.

‘‘We are confident in our legal position and intend to vigorously pursue all lawful avenues to ensure that justice is served.

‘‘Union Bank had previously transferred the relevant debt obligations to the Asset Management Corporation of Nigeria (AMCON), and we maintain that all actions taken in this regard were inline with applicable laws and banking practice.

‘‘We reiterate our unwavering commitment to acting in good faith, protecting stakeholder interests, and preserving the integrity that has defined our institution for over a century.

‘‘The Bank remains resilient and focused on continuing to deliver excellent service and value to its customers’’.