Union Bank Rejects High Court Judgment in Jimoh Ibrahim, NICON Investment Case, Vows to Appeal

Union Bank Rejects High Court Judgment in Jimoh Ibrahim, NICON Investment Case, Vows to Appeal

…Says ruling contradicts legal principles, maintains commitment to ethical banking

Lagos, Nigeria – July 9, 2025 — Union Bank of Nigeria has expressed strong disagreement with the recent ruling delivered by Justice Abike Fadipe of the Ikeja High Court in a case involving Senator Jimoh Ibrahim, NICON Investment Limited, Global Fleet, and the Bank.

In an official statement released by the Bank’s Chief Brand and Marketing Officer, Mrs. Olufunmilola Aluko, Union Bank reaffirmed its commitment to professionalism, transparency, and compliance with all applicable legal and ethical standards.

“While we respect the authority of the court, we strongly disagree with the judgment delivered and have instructed our legal counsel to file an immediate appeal,” the statement read.

The Bank specifically challenged the court’s position on key issues such as the consolidation of indebtedness, locus standi, and third-party liability, arguing that these findings contradict established legal principles and factual realities as understood by the institution.

Union Bank emphasized that the debt obligations in question had been legally transferred to the Asset Management Corporation of Nigeria (AMCON) in line with existing banking regulations and procedures. The Bank maintains that all actions taken in the matter were lawful and consistent with industry standards.

“We are confident in our legal position and intend to vigorously pursue all lawful avenues to ensure that justice is served,” the statement asserted.

Reiterating its legacy of integrity and service, Union Bank reassured its customers, partners, and the public that it remains steadfast in upholding the trust reposed in it.

“Union Bank has built its reputation over more than a century on the foundations of integrity and resilience. We remain focused on delivering exceptional value and service to our customers,” Aluko concluded.

The Bank also thanked its stakeholders for their continued trust and support as it moves to contest the ruling through the appropriate legal channels.