Union Bank of Nigeria has announced plans to appeal a recent ruling by the Ikeja High Court concerning a longstanding case involving Senator Jimoh Ibrahim, NICON Investment Limited, Global Fleet, and the Bank.
In a statement issued by the bank’s Chief Brand and Marketing Officer, Mrs. Olufunmilola Aluko, Union Bank acknowledged the judgment delivered by Justice Abike Fadipe but expressed strong disagreement with the court’s findings.
“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 statement said.
The bank described the court’s decision — particularly on matters of consolidated debt obligations, legal standing, and third-party liability — as inconsistent with established legal principles and its understanding of the case.
Union Bank emphasized that it had previously transferred the disputed debt obligations to the Asset Management Corporation of Nigeria (AMCON), asserting that all steps taken in the matter were consistent with existing banking laws and industry standards.
Reassuring its customers and the public, the bank affirmed its commitment to ethical conduct and legal compliance. “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 added.
Despite the court setback, Union Bank maintained it would continue to operate with resilience and remain focused on delivering value and excellence to its customers.
The bank also expressed gratitude to its stakeholders for their continued support as the appeal process begins.
