By DAYO ADESULU
Lagos, Nigeria – July 9, 2025– Union Bank of Nigeria has announced its intention to appeal a recent ruling by Justice Abike Fadipe of the Ikeja High Court involving the bank, NICON Investment Limited, Global Fleet, and Senator Jimoh Ibrahim.
In a statement issued today, Union Bank expressed its respect for the judicial process but articulated strong disagreement with the court’s decision. The bank’s management believes the judgment misinterprets key legal concepts, including the consolidation of indebtedness and issues of locus standi and third-party liability.
“We are committed to operating with the highest levels of professionalism and legal compliance,” said Mrs. Olufunmilola Aluko, Chief Brand and Marketing Officer of Union Bank. “While we deeply respect the authority of the court, we firmly stand by our position and will vigorously challenge the ruling.”
The case centers on debt obligations that Union Bank previously transferred to the Asset Management Corporation of Nigeria (AMCON), a move the bank asserts was executed in full compliance with applicable laws and banking practices.
As the bank navigates this legal challenge, it emphasizes its dedication to protecting stakeholder interests and maintaining the integrity that has characterized its operations for over a century. Union Bank reassures its customers and partners of its resilience and ongoing commitment to delivering exceptional service and value.
“We appreciate the continued trust and support of all stakeholders as we progress through this legal process,” Aluko added.
Union Bank plans to move swiftly with its appeal, hoping to overturn the decision in favor of a resolution that reflects established legal principles.
