Union Bank of Nigeria has vowed to appeal the ruling of a Lagos State High Court on a loan default case involving Senator Jimoh Ibrahim, NICON Investment Limited, Global Fleet, both organizations belonging to the senator.

In a statement signed by its Chief Brand and Marketing Officer, Mrs. Olufunmilola Aluko and made available to our Correspondent, the Bank acknowledged the recent judgment of Justice Abike Fadipe of the Ikeja High Court in Lagos in the matter involving Senator Jimoh Ibrahim, NICON Investment Limited, Global Fleet, and the Bank, insisting it would appeal the ruling.

It was gathered that in quick response to the ruling, the Bank has instructed its legal team to immediately appeal the ruling without any waste of time.

The Bank, which also strongly disagreed with the position of the Court on the issues of locus standi, consolidation of the indebtedness and third party liability, insists that the position of the Court in not in tandem with established legal principles and the Bank’s understanding of the facts of the case.

Union Bank had previously transferred the relevant debt obligations to the Asset Management   Corporation of Nigeria AMCON, and we maintain that all actions taken in this regard were in line with applicable laws and banking practice.

It was further learnt that the Bank had previously transferred the relevant debt obligations to the Asset Management   Corporation of Nigeria AMCON, and maintains that all actions taken in this regard were in line with applicable laws and banking practice.

The statement reads in part: “Union Bank of Nigeria acknowledges the recent judgment of Justice Abike Fadipe of the Ikeja High Court in the matter involving Senator Jimoh Ibrahim, NICON Investment Limited, Global Fleet, and the Bank.

“We wish to assure our customers, partners, and the public that Union Bank operates with the highest levels of professionalism, ethical conduct, and legal compliance in all our dealings.

“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 court’s findings, including its position on the consolidation of indebtedness, locus standi, and third-party liability, 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.

“Union Bank had previously transferred the relevant debt obligations to the Asset Management   Corporation of Nigeria AMCON, and we maintain that all actions taken in this regard were in line with applicable laws and banking practice.

“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 Bank remains resilient and focused on continuing to deliver excellent service and value to its customers. We appreciate the continued trust and support of all stakeholders as we navigate this legal process.”