Union Bank Court Case

Lagos High Court Rules On NICON Investments Ltd, Global Fleet And Jimoh Ibrahim 

Union Bank of Nigeria has acknowledged the recent judgment by Justice Abike Fadipe of  Ikeja High Court Lagos in the legal matter between Senator Jimoh Ibrahim, NICON Investment Limited, Global Fleet and the Bank.

In a statement by the Chief Brand and Marketing Officer Union Bank Olufunmilola Aluko assured bank customers, partners and the public of Union Bank's unwavering commitment to operate with the highest levels of professionalism ethical conduct and legal compliance in the bank's dealings.

Aluko said while Union Bank respects the authority of the court it however strongly disagrees with the judgment delivered and have instructed its company lawyers to file an appeal against the judgment.

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

Aluko expressed confidence in Union Bank's legal position which the bank intends to  pursue vigorously using all lawful avenues to ensure 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 in line with applicable laws and banking practice".

Union Bank again reiterated its unwavering commitment to acting in good faith, protecting stakeholders interests while preserving the integrity that has defined the banking institution for over a century. 

The Chief Brand and Marketing Officer added that Union Bank remains resilient and focused on delivering excellent service and value to its customers.