Union Bank of Nigeria says it is filing an appeal against Thursday’s judgement by Justice Abike Fadipe of the Ikeja High Court in the matter involving Senator Jimoh Ibrahim, NICON Investment Limited, Global Fleet.
The Lagos State High Court had not only voided Union Bank’s deduction of £130,720,557.06 belonging to Nicon Investment Limited due to alleged indebtedness to the tune of N26 billion from 2009, but imposed a £1 million cost against the financial institution.
However, in a statement Thursday by its Chief Brand and Marketing Officer, Mrs Olofunmilola Aluko, the bank, picked holes in the court’s judgement, and had mandated its lawyers to file an appeal against the ruling.
The statement said: “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 in line 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. We appreciate the continued trust and support of all stakeholders as we navigate this legal process.”
Justice Abike-Fadipe voided the banks action on the grounds that the deduction was made without authorisation or approval by NICON Investment.
The court subsequently awarded £1 million as damages against Union Bank of Nigeria Plc for breaching its fiduciary duties to NICON Investment Limited, owned by Senator Jimoh Ibrahim.
Abike-Fadipe made the order while delivering judgement in a suit filed by NICON Investment Limited, Global Fleet Oil and Gas Ltd, and Senator Ibrahim, on Thursday.
The claimant had dragged the bank to court to challenge the alleged unlawful deductions from its fixed deposit account with Union Bank, over N10 billion and N16 billion loan facilities for the operation of Global Fleet/ NICON investment.
Union Bank had predicated its action on the grounds of an alleged mutual agreement between it and the claimant and its sister company, Global Fleet Oil and Gas Ltd.
