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Banks (Finance)

Union Bank of Nigeria to Appeal High Court Ruling in Favor of Senator Jimoh Ibrahim

Strategic Insights

— 1 min read

Union Bank of Nigeria, a leading financial institution, has announced its intention to file an appeal against the recent judgment of Justice Abike Fadipe of the Ikeja High Court in a case involving itself, Senator Jimoh Ibrahim, NICON Investment Limited, and Global Fleet. The bank's decision to appeal comes despite acknowledging the court's authority and expressing its commitment to acting with professionalism and ethical conduct.

Key Takeaways:

  • Union Bank strongly disagrees with the High Court's judgment and has instructed its lawyers to file an appeal against it immediately.
  • The bank maintains that the court's findings on consolidation of indebtedness, locus standi, and third-party liability are at variance with established legal principles and their understanding of the facts.
  • Union Bank had previously transferred relevant debt obligations to the Asset Management Corporation of Nigeria (AMCON), and the bank claims that all actions taken were in line with applicable laws and banking practice.
  • The bank reiterates its commitment to acting in good faith, protecting stakeholder interests, and preserving the integrity that has defined it for over a century.
  • Union Bank remains resilient and focused on continuing to deliver excellent service and value to its customers.
  • The bank extends appreciation for the continued trust and support of all stakeholders as it navigates the legal process.

Statistics:

  • The case involves Union Bank of Nigeria, Senator Jimoh Ibrahim, NICON Investment Limited, and Global Fleet.
  • The High Court judgment was delivered by Justice Abike Fadipe of the Ikeja High Court.
  • Union Bank transferred debt obligations to the Asset Management Corporation of Nigeria (AMCON) previously.
  • The bank has been in operation for over a century.

Sources:

  • Union Bank of Nigeria (Source: Businessday.ng, June 20, 2022)
  • High Court of Ikeja (Source: Punch 2022)
  • Asset Management Corporation of Nigeria (AMCON)
  • Senator Jimoh Ibrahim
  • NICON Investment Limited
  • Global Fleet

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