LAGOS – Union Bank of Nigeria Limited has rejected a court ruling ordering it to pay over N400 billion to NICON Investment Limited, a company owned by Senator Jimoh Ibrahim, and has resolved to challenge the decision at the appellate level.
On Wednesday, a Federal High Court sitting in Lagos ordered the bank to refund the sum of £137 million (approximately N400 billion) to NICON Investment Limited, with a 5% annual interest accrued over 14 years. The ruling marked a major legal win for Senator Ibrahim, who represents the Ondo South Senatorial District.
However, in a statement signed by its Chief Brand and Marketing Officer, Mrs. Olufunmilola Aluko, Union Bank expressed strong disagreement with the judgment and announced plans to appeal.
“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 bank said.
Union Bank stated that the court’s conclusions on key issues — including debt consolidation, locus standi, and third-party liability — conflicted with established legal principles and its understanding of the case.
“We are confident in our legal position and intend to vigorously pursue all lawful avenues to ensure that justice is served,” the statement added.
The bank clarified that the disputed debt obligations had already been transferred to the Asset Management Corporation of Nigeria (AMCON), and it maintained that all actions taken were in accordance with legal and regulatory standards.
Reaffirming its commitment to professionalism and ethical conduct, Union Bank assured stakeholders of its operational resilience and dedication to delivering quality service.
“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 statement concluded.
