By Iluole Iwenekha
Union Bank of Nigeria has announced its decision to appeal the recent judgment delivered by an Ikeja High Court in the legal matter involving Senator Jimoh Ibrahim, NICON Investment Limited, Global Fleet, and the Bank.
In a statement issued by the Bank’s Chief Brand and Marketing Officer, Mrs. Olufunmilola Aluko, Union Bank acknowledged the ruling but expressed strong disagreement with its content and implications.
“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 statement read.
The case centers on a dispute over financial obligations and liabilities between Union Bank and the entities controlled by Senator Ibrahim. The court’s judgment reportedly touched on several key legal points, including the consolidation of indebtedness, locus standi, and third-party liability—issues Union Bank says were misinterpreted by the court.
“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,” Aluko stated. “We are confident in our legal position and intend to vigorously pursue all lawful avenues to ensure that justice is served.”
Union Bank further clarified that the debt obligations in question had already been transferred to the Asset Management Corporation of Nigeria (AMCON) as part of regulatory efforts to address non-performing loans in the financial system. The Bank insists that its actions throughout the process adhered strictly to relevant banking regulations and legal frameworks.
“We maintain that all actions taken in this regard were in line with applicable laws and banking practice,” the statement added, reaffirming Union Bank’s compliance-driven approach to financial management and dispute resolution.
Aluko emphasized the Bank’s enduring values of professionalism, ethical conduct, and transparency, assuring stakeholders that Union Bank remains steadfast in its commitment to protecting stakeholder interests and upholding its century-long legacy of integrity.
“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,” she noted. “The Bank remains resilient and focused on continuing to deliver excellent service and value to its customers.”
Union Bank concluded by thanking its customers, partners, and the general public for their continued trust and support as it embarks on the appeal process, pledging to provide further updates as the case progresses through the legal system.
