Union Bank Strongly Disagrees With Court Ruling In Jimoh Ibrahim Case, Files Appeal

Union Bank of Nigeria has expressed strong disagreement with the recent judgment delivered by Justice Abike Fadipe of the Ikeja High Court in a case involving Senator Jimoh Ibrahim, NICON Investment Limited, Global Fleet Group, and the Bank.

In a formal statement released today, Union Bank made it clear that while it respects the authority of the court, it firmly contests the ruling and has already directed its legal team to appeal the decision.

“We strongly disagree with the judgment delivered and have instructed our lawyers to file an appeal against it immediately,” the Bank stated.

The court’s ruling, which touched on matters including the consolidation of indebtedness, the question of legal standing (locus standi), and third-party liability, was described by the Bank as inconsistent with both established legal principles and its understanding of the facts of the case.

“The court’s findings… are at variance with established legal principles and the Bank’s understanding of the facts. We are confident in our legal position and intend to vigorously pursue all lawful avenues to ensure that justice is served,” the statement read.

Union Bank clarified that the debt obligations at the center of the legal dispute had long been transferred to the Asset Management Corporation of Nigeria (AMCON), and all related actions were taken in full compliance with applicable laws and standard banking practices.

Reassuring its stakeholders, the Bank reaffirmed its commitment to upholding ethical standards, maintaining legal compliance, and delivering value to customers.

“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,” said Mrs. Olufunmilola Aluko, Chief Brand and Marketing Officer.

As the appeal process gets underway, Union Bank emphasized its resilience and determination to defend its position, while appreciating the continued trust and support of its customers, partners, and the wider public.