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    Union Bank to Appeal High Court Ruling in NICON Investment Dispute

    Union Bank of Nigeria has reacted to the recent judgment delivered by Justice Abike Fadipe of the Ikeja High Court involving Senator Jimoh Ibrahim, NICON Investment Limited, Global Fleet, and the bank.

    The bank expressed strong disagreement with the ruling and confirmed that its legal team has been directed to file an appeal immediately. It said the court’s position on issues such as debt consolidation, locus standi, and third-party liability contradicts existing legal principles and the bank’s understanding of the facts.

    In a statement released by Mrs. Olufunmilola Aluko, Chief Brand and Marketing Officer, Union Bank reiterated that the relevant debt obligations had been transferred to the Asset Management Corporation of Nigeria (AMCON), adding that all actions taken were in line with the law and standard banking procedures.

    Union Bank assured stakeholders, customers, and the general public of its continued commitment to ethical practices, legal compliance, and professional conduct. It said it remains dedicated to protecting stakeholder interests and upholding the integrity that has defined its operations for more than a century.

    The bank concluded by thanking all stakeholders for their trust and support as it navigates the ongoing legal process.

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