Union Bank of Nigeria has officially responded to the recent ruling by Justice Abike Fadipe of the Ikeja High Court, which delivered judgment in a legal dispute involving Senator Jimoh Ibrahim, NICON Investment Limited, Global Fleet, and the Bank.
In a statement released by Mrs. Olufunmilola Aluko, Chief Brand and Marketing Officer, Union Bank reaffirmed its commitment to ethical practices and legal compliance, describing the judgment as inconsistent with both legal precedent and the facts of the case.
“While we respect the authority of the court, we strongly disagree with the judgment delivered and have instructed our legal team to file an appeal immediately,” the Bank stated.
Union Bank contested key aspects of the court’s findings, particularly on issues such as the consolidation of indebtedness, locus standi, and third-party liability. According to the Bank, these conclusions run contrary to established legal principles and its understanding of the case.
The Bank further clarified that the disputed debt obligations had long been transferred to the Asset Management Corporation of Nigeria (AMCON), maintaining that all actions related to the debt followed due process and complied with banking regulations.
“Union Bank operates with the highest levels of professionalism, ethical conduct, and compliance with the law,” the statement emphasized. “We are confident in our legal position and will pursue all lawful avenues to ensure justice prevails.”
Despite the legal setback, the Bank reassured its customers, partners, and stakeholders of its resilience and unwavering commitment to service excellence.
“As we appeal this decision, our focus remains on protecting stakeholder interests and upholding the integrity that has defined Union Bank for over a century,” the Bank added.
The dispute, which has drawn significant public and industry attention, is expected to continue in the appellate courts, where Union Bank seeks to overturn the High Court’s ruling.
Stakeholders will be watching closely as the next phase of the legal battle unfolds.
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