Connect with us

News

Court Slams €1m Damages Against Union Bank Over Breach, Negligence

Published

on

Awards N50m damages in favour of NICON Investment Ltd

…Union Bank heads to Appeal Court

A High Court of Lagos State has slammed £1 million in damages against Union Bank Plc for negligence and breach of its fiduciary duties to NICON Investment Limited.

Delivering judgment on Wednesday in a suit marked LD/1074/2010 filed by NICON Investment Limited against Union Bank, Justice O. Abike Fadipe held that NICON Investment Limited (Claimant) is a duly registered and incorporated limited liability company operating a fixed deposit account with the Union Bank (Defendant) payable with interest on demand.

The court held in the judgment that the sum of £130,720,557.06 stands to the credit of NICON Investment Limited in its fixed deposit account domiciled with the Union Bank as of April 30, 2010.

Advertisement

Justice Abike-Fadipe further held in the judgment that the unilateral conversion of the claimant’s £130,720,557.06 to US dollars without the due authorization or mandate of the claimant is wrongful, null and void.

According to the judge, “The defendant bank’s unilateral act of converting the fixed deposit of the claimant from British Pounds Sterling to US Dollars and Dollars to Naira is unauthorized and is null and void.”

READ ALSO:Court Adjourns Defamation Case Against Anambra Businessman

Advertisement

The Judge agreed that the Pounds Sterling fixed deposit account of the Claimant is not tied to the indebtedness of Global Fleet Oil and Gas Limited or meant in any way or manner whatsoever to provide security for the said debt.

The court held that the bank’s unilateral use of part of the claimant’s £130,720,557.06 to liquidate Global Fleet Limited’s debt without the mandate of the Claimant is wrong, null and void.

Consequently, the court awarded the sum of N50 million to the Claimant against the defendant as damages for unlawful deduction and illegal penalties and charges made on the account of the Claimant by the bank.

Advertisement

It directed the bank to avail the claimant with its statement of account of the fixed deposit account as well as reconciliation of same from inception till date and that the bank should also render an account of all transactions on the claimant’s Pounds Sterling fixed deposit account together with all accrued interest thereon.

The court went ahead and made an order setting aside all acts of the bank pertaining to or connected with and affecting the claimant’s Pounds Sterling fixed deposit account, vis-à-vis its conversion to US Dollars, Naira and unilateral liquidation of the indebtedness of Global Fleet Limited and NICON Investment Limited from the said account.

READ ALSO:Court Dissolves Marriage On Couple’s Agreement

Advertisement

Justice Abike-Fadipe dismissed the defendant’s counterclaim in its entirety with a cost awarded to the claimant and the third defendant to the counterclaim severally in the sum of N10 million, respectively.

NICON Investment Limited had, in its case, asserted that it maintained a banker /customer relationship with the defendant, who operated a British Pound Sterling fixed deposit account with the Bank. The court also ordered an interest of 5 percent per annum from May 2010 that was used to fully liquidate the second defendant to the first counterclaimant’s debt (Global Fleet Oil and Gas Limited).

Meanwhile, Union Bank of Nigeria Plc has announced that it has instructed its legal team to immediately appeal a recent court ruling that could result in a liability exceeding N400 billion plus accrued interest.

Advertisement

The case involves NICON Investment Limited, Global Fleet, and business mogul, Senator Jimoh Ibrahim.

In a statement released on Wednesday, the bank acknowledged the judgment of Justice Abike Fadipe of the Ikeja High Court, which found the bank liable in a matter concerning the disputed deposit agreement.

READ ALSO:My Wife Goes Clubbing At Will, Cares Less That She’s Childless, Man Tells Court

Advertisement

The statement, signed by Mrs Olufunmilola Aluko, Chief Brand and Marketing Officer of Union Bank, emphasised the institution’s commitment to professionalism, ethical conduct, and legal compliance.

“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 bank stated.

The bank expressed concerns over several aspects of the judgment, including the court’s findings on consolidation of indebtedness, locus standi, and third-party liability, which it says run at a conflict with established legal principles and its understanding of the facts.

Advertisement

We are confident in our legal position and intend to vigorously pursue all lawful avenues to ensure 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 sound banking practice.”

READ ALSO: Mobile Court On Standby, As Street Traders Clash With Kwara Govt

The bank also reaffirmed its commitment to safeguarding stakeholder interests and upholding the integrity it has built over its more than 100-year history.

Advertisement

The case took a dramatic turn when the Federal High Court in Lagos ordered Union Bank to refund £137 million (approximately N400 billion) to NICON Investment Limited, along with 5 percent annual interest accrued over 14 years.

The judgment was seen as a significant legal victory for Senator Ibrahim, who currently represents the Ondo South Senatorial District.

The court ruled that Union Bank had failed to honour the terms of the long-standing deposit agreement, leading to the monumental judgment.

Advertisement

 

News

NMA To Withdraw Medical Services In Edo Over Kidnapped Colleagues

Published

on

The Nigeria Medical Association (NMA), Edo State Branch, has threatened to withdraw medical services across the state, effective from Saturday, 10 January, 2026.

This followed the recent abduction of two medical doctors on January 1st and 2nd, 2026.

Chairman of the NMA Edo State branch, Dr. Eustace Oseghale, in a statement made available to newsmen in Benin on Friday, stated that the withdrawal of services was a direct consequence of the abduction of their colleagues and a reflection of the heightened sense of vulnerability among medical practitioners in the state.

Advertisement

READ ALSO:Doctors’ Strike Continues As NARD Demands Fair Deal, Better Pay

Oseghale, on behalf of the NMA, called for immediate release of the abducted doctors and implementation of measures to prevent future incidents.

The statement reads: “This incident raises concerns about healthcare professionals’ safety in Edo State, threatening their lives and undermining healthcare delivery.

Advertisement

“We demand the immediate release of our abducted colleagues as well as enhanced security protocols for Edo State residents and regular engagement between NMA Edo and the Edo State Government on security concerns.”

READ ALSO:Edo Targets 2.2 Million Children For Measles, Rubella Vaccination

The NMA Chairman, while insisting on withdrawal of services statewide if their demands aren’t met, stressed that a safe working environment is crucial for healthcare providers.

Advertisement

“We’ll continue to withhold services until our demands are met and colleagues are safe.

“We urge a swift resolution and the safe return of our colleagues. Security operatives should take this seriously, as they’ll be held responsible for the consequences of our action,” Oseghale said.

Advertisement
Continue Reading

News

Edo Targets 2.2 Million Children For Measles, Rubella Vaccination

Published

on

The Edo State Government says it is targeting about 2.2 million children aged between 0 and 14 years for measles and rubella vaccination across the state.

The Director of Disease Control and Immunization at the Edo State Primary Health Care Development Agency, Dr. Eseigbe Efeomon, who disclosed this during stakeholders’ sensitisation meeting in Benin City, said this would be done in collaboration with development partners.

Efeomon, while noting that the vaccination exercise scheduled to hold simultaneously from January 20 to January 30, 2026, across the 18 local government areas of Edo State at designated health facilities and temporary vaccination posts, said the campaign aims to contribute significantly to the reduction of measles and rubella in Nigeria.

Advertisement

He explained that achieving this target requires increased population immunity through sustained vaccination.

READ ALSO:Man Arrested In Edo For Alleged Abduction Of 4-year-old

Dr. Efeomon stressed that only qualified and certified health workers would be recruited as vaccinators because the vaccines are injectable.

Advertisement

According to him, the vaccination strategy would involve fixed posts and temporary fixed posts, and vaccination cards would be issued to all vaccinated children as proof, which parents and caregivers are advised to keep for future reference.

He added that vaccination teams would visit schools, churches, mosques, markets, motor parks, internally displaced persons’ camps and other public places, while children who receive the vaccine would be finger-marked to prevent double vaccination.

He reiterated that the overarching goal of the campaign is to drastically reduce rubella incidence nationwide and protect children from preventable diseases through effective immunisation coverage.

Advertisement

READ ALSO:Edo widow-lawyer Diabolically Blinded Over Contract Seeks Okpebholo’s Intervention

Also speaking, the World Health Organization Local Government Facilitator, Mr. Ajaero Paul, described measles and rubella as major causes of death and congenital abnormalities among children globally.

He said both diseases are preventable through the measles-rubella vaccine, which he described as safe and effective,

Advertisement

He added that sustained advocacy is critical to reducing child mortality and lifelong disabilities.

On his part, UNICEF Social and Behavioural Change Health Officer, Yakubu Suleiman, emphasised that the measles-rubella vaccine is safe and effective for all children aged nine months to 14 years.

READ ALSO:Edo: Suspected Kidnappers Kill Victim, Hold On To Elder Brother

Advertisement

He stated that the government has fully paid for the vaccines, making them available at no cost to all eligible children in government health facilities across the state.

Suleiman explained that vaccination not only protects individual children but also safeguards communities from deadly vaccine-preventable diseases such as measles and rubella.

He added that even children who had previously received the measles vaccine should still be given the measles-rubella vaccine and appealed to schools and other key stakeholders to support the campaign to ensure that no child is left behind.

Advertisement
Continue Reading

News

Togo, Niger, Benin Owe Nigeria Over $17.8m For Supplied Electricity – NERC

Published

on

Nigeria’s electricity regulator has disclosed that three neighbouring countries, Togo, Niger and Benin, are indebted to Nigeria to the tune of $17.8 million, equivalent to more than N25 billion at prevailing exchange rates, for power supplied under bilateral electricity agreements.

The Nigerian Electricity Regulatory Commission, NERC, made this known in its Third Quarter 2025 report, which reviewed market performance within the Nigerian Electricity Supply Industry, NESI.

According to the report, the international customers were billed a total of $18.69 million by the Market Operator for electricity supplied during the third quarter of 2025. However, only $7.125 million was paid, leaving an unpaid balance of $11.56 million for the period under review.

Advertisement

NERC also revealed that the same international offtakers had outstanding legacy debts amounting to $14.7 million from previous quarters. Of this amount, $7.84 million was settled, leaving a residual balance of $6.23 million.

READ ALSO:Expert Identify Foods That Increase Hypertension Medication’s Effectiveness

When combined with the Q3 2025 shortfall, the total outstanding debt stood at $17.8 million, which translates to about N25.36 billion at an exchange rate of N1,425 to one US dollar.

Advertisement

The regulator identified the international electricity customers as Compagnie Énergie Électrique du Togo, Société Béninoise d’Énergie Électrique of Benin Republic, and Société Nigérienne d’Électricité of Niger Republic.

NERC stated that the three utilities collectively paid just $7.125 million against the $18.69 million invoice issued for electricity supplied in the third quarter, resulting in a remittance performance of 38.09 per cent.

This meant that more than half of the billed amount remained unpaid at the close of the quarter.

Advertisement

READ ALSO:Electricity Workers Threatens Shutdown Over Staff Brutality

The commission explained that the electricity exported to the three countries was generated by grid-connected Nigerian generation companies and delivered through cross-border bilateral power supply arrangements.

By contrast, NERC reported a stronger payment performance among domestic bilateral customers. According to the report, local customers paid N3.19 billion out of the N3.64 billion invoiced for the same quarter, representing a remittance rate of 87.61 per cent.

Advertisement

The regulator further noted that some bilateral customers, both international and domestic, made additional payments to offset outstanding invoices from earlier quarters.

READ ALSO:Reps Ask NERC, DISCOs To Reverse Band A Tariff Hike

Specifically, the Market Operator received $7.84 million from international customers and N1.3 billion from domestic customers in settlement of previous obligations.

Advertisement

Beyond bilateral transactions, NERC disclosed that Nigeria’s 11 electricity distribution companies remitted a total of N381.29 billion to the Nigerian Bulk Electricity Trading Plc and the Market Operator in the third quarter of 2025. This was out of a cumulative invoice of N400.48 billion, translating to an overall remittance performance of 95.21 per cent.

The commission said the figures were derived from reconciled market settlement data submitted as of December 18, 2025, as part of its statutory evaluation of the commercial health and performance of the electricity market.

Advertisement
Continue Reading

Trending