News
Court Slams €1m Damages Against Union Bank Over Breach, Negligence
Published
1 day agoon
By
Editor
…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.
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.”
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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.
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.
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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.
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.
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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.
“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.”
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The bank also reaffirmed its commitment to safeguarding stakeholder interests and upholding the integrity it has built over its more than 100-year history.
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.
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News
Congress Newspaper @4: X-Raying The Evolution Of Media In Ijaw Nation
Published
2 hours agoon
July 11, 2025By
Editor
By Joseph Kanjo
When Congress Newspaper/Online TV was launched four years ago, profit wasn’t the priority. “We weren’t looking at making money,” said Comrade Austin Ozobo, Managing Director of Congress Newspaper and a notable rights activist.
“I was in government as a Senior Special Assistant (SSA), and the salary wasn’t much. But I needed a platform where my voice—and the voices of like-minded individuals, especially my people—could be heard. So, I floated it. But today, things have changed. The profits are coming naturally,” he added.
These remarks came during my phone conversation with Comrade Ozobo, just days ahead of Congress Newspaper’s fourth anniversary celebration on July 10, 2025.
A well-known advocate for the rights of the Ijaw people and president of the Ijaw People’s Development Initiative (IPDI), Ozobo emphasized that his primary motivation was to amplify marginalized voices—especially those of his people. He reflected a sentiment similar to that of British musician and activist Peter Gabriel, who once said, “Those of us who have the eyes and ears of the media have a responsibility to amplify the voices of the voiceless.”
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Fifteen years ago, it would have been difficult to count more than a handful of media outlets—whether big or small—owned or managed by individuals Ijaw from the Ijaw extraction.
Despite the many challenges faced by the Ijaw people, particularly due to the complex terrain they inhabit, their voices were largely absent from national conversations.
But today, that narrative has changed—thanks in part to the rise of online media. Now, there are numerous media outlets owned and managed by Ijaw sons and daughters, both in digital and print formats.
These platforms—each with its own mission and vision—nonetheless share a common thread: they give a voice to the people of the creeks, from whose experiences they often draw inspiration.
Some notable Ijaw-owned indigenous media platforms include:
GbaramatuVoice, Ijaw Voice, Ijaw Heritage TV, Arogbe Ibe Reporters, Iduwini Voice, Ogulagha Vanguards, and Egbema Voice.
In addition, several media outlets with broader or foreign-sounding names are also run by Ijaw professionals, including:
Info Daily, The Liberator, Coastal Times, Penglobal, Focal Point Reports, Dailynews Report, Waffi TV, Niger Delta Mirror, Niger Delta Herald, Daily Watch, and Mangrovepen.
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Congress Newspaper/TV, though relatively new, has firmly established itself among these platforms as a consistent voice advocating for the Ijaw cause and broader Niger Delta interests.
Some may argue that media organizations should be neutral and unbiased. While this principle remains fundamental to ethical journalism, one cannot ignore the impact of ownership. Around the world, media ownership often shapes editorial direction, intentionally or not.
During his welcome address at the fourth anniversary celebration, Comrade Ozobo reiterated the newspaper’s founding vision: to provide not just information, but empowerment for Niger Delta communities.
“Our mission has always been to champion the voices that often go unheard and to shine a light on the issues that matter most to our people,” he said.
“We believe in the power of ethical journalism, and we remain committed to being a steadfast voice for justice, equity, and truth.”
Ozobo’s words speak to a broader truth: in media, ownership matters. And when that ownership is rooted in community-driven passion and purpose—as it is with Congress Newspaper—it becomes a powerful vehicle for social change.
As Congress Newspaper marks its fourth year, it stands not just as a media outlet, but as a movement—one that continues to reshape the media landscape in the Ijaw nation and beyond.
Joseph Ebi Kanjo is a practising journalist and Managing Editor of INFO DAILY.
editor@infodailyng.com
News
Supreme Court: Jubilant Supporters Stunned, Locked Out Of Edo Govt House [PHOTOS]
Published
7 hours agoon
July 11, 2025By
Editor
Jubilant supporters of Governor Monday Okpebholo Edo State, were on Friday disappointed as they were locked out from the Edo State Government House, Benin City.
The order not to allow anyone to access the government house was reportedly from an order from above.
The supporters, which included market women and members of the All Progressives Congress (APC), had gathered at the Benin Airport about 7am, to give the governor a rousing welcome.
The gathering followed Okpebholo’s triumph at the 2024 governorship election legal dispute at the Supreme Court in the nation’s capital, Abuja.
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Okpebholo, whose aircraft touched down at the Benin Airport at about 12.40pm was welcomed by the supporters amid jubilation.
The supporters, many of whom were not mobile, proceeded on foot in a road procession with governor Okpebholo’s motorcades- chanting solidarity songs.
The procession, which lasted for about an hour, terminated at the Edo State Government House where the supporters were informed by security operatives that only Very Important Personalities (VIPs) would be allowed into the government house for refreshments.
The bewildered supporters took turns to lament the development, with many raining insults on the authorities.
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One of the supporters who identified herself as Mrs. Ebosele Omogiate said: “In the worst moments of ex-governor Godwin Obaseki, supporters and members were not shabbily treated like this.
“They have won now and have decided to build a wall around themselves,” she added.
“I left my house before 7am for the airport and stood under the sun for hours before the arrival of the governor.
“We engaged on a road show with him to the government house, only for us to be shut out. This treatment melted on us is unfair,” another supporter added.
Earlier, addressing the crowd, Governor Okpebholo thanked God for his victory at the Supreme Court.
He promised that in the next two years, Edo people will know that they have a governor.

Tunde Odesola
The presidential convoy spread out on the Third Mainland Bridge like a cloud of bats on seasonal migration. Sirens screamed. Lights flashed. The convoy of vehicles unfolds like the hail of light produced when the welder’s electrode kisses a metal, shraaaah! shraaaah! E plenty like iná wédà to fóká síbè.
As an insect enthusiast with particular love for beekeeping (cockroaches and bedbugs not included, please), I know that bees, ants and wasps have no kings, but queens, who guard-bees protect with their lives. However, termites have kings and queens, both of whom soldier termites protect with their last blood.
Be they bees, ants, wasps or termites, I love watching the life of cooperation, protection, order and hard work among insects. I love their guards’ provision of security for all and sundry, unlike the guards in this presidential convoy, whose only duty is the protection of the President, his family and bootlickers.
Measuring 11.8 kilometres, the Third Mainland Bridge, a massive masterpiece of concrete and steel work stretching over the Lagos Lagoon, was started in 1975 by the General Yakubu Gowon military administration, and continued by General Murtala Mohammed’s six-month government, before President Shehu Shagari stepped into the picture and did his bit. However, it was General Ibrahim Babangida who took credit for the bridge construction because he ensured its completion in 1990.
If the charismatic Babangida didn’t annul the June 12, 1993 presidential election won by Chief MKO Abiola, he almost certainly would have been preferred by Nigerians to shed his military khaki for the agbada of politics, instead of the less gifted and dour General Muhammadu Buhari, who later got the presidency on fake promises.
Regrettably, Babangida apparently lost political goodwill, honour, peace of mind and two terms of civilian presidency to the June 12 annulment. Little did Nigerians know that the official name of the Third Mainland Bridge is Ibrahim Babangida Bridge, but nobody remembers that; people only remember the abortion of June 12. The things men do, live with them.
It was on this Ibrahim Babangida Bridge that the presidential convoy set out en route to the airport. Jesu! Not even the president of the richest and most powerful nation on earth, Donald Trump, has such a long motorcade. From my vantage point, I counted the number of vehicles in the convoy. 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 15, 20, 30, 40…Ha! Kilode? Is the president japaing? Probably to make counting difficult, the outriders zigzagged and crisscrossed. So, I stopped at 40-something.
But in the middle of the armoured pack, I saw three Rolls-Royce Phantoms, three Cadillac Escalades, three Mercedes-Benzes, three Cybertrucks and three state-of-the-art buses. None of the cars in the convoy was assembled in Nigeria, despite the government’s avowed propaganda about patronising Made-in-Nigeria goods; not even the wash towels used for cleaning the vehicles were made in Nigeria, nor the foot mats.
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Everywhere was on lockdown: air, land and sea – forcing the sun to hide behind the clouds, and birds vacated the air while the poor man’s movement was put on hold by those he voted for. Only the convoy moved. I yawned inside a Lagos BRT vehicle, wondering why the big men’s movement should stop the movement of citizens on the opposite side of the bridge.
This was when the window of one of the three buses opened, and I glimpsed Nigeria’s most recognisable cap, with its trademark chain symbol, the chain of oppression.
“Haa! Bàba Bàbá ni o! Olowo Eko ni ooo!” a youngster hawking alcoholic drinks and bottled water in traffic shrieked. “It’s the BAT, King BAT, the Lord of Lagos!” a hawker of plantain chips screamed, jumping, “I saw him! I saw him! Baba smiled and waved at me! Baba waved at me! The Asiwaju of the Universe waved at me!” A cripple, who begs in traffic, hissed and shook his head, “Una dey praise those who chain una? Ok o, make una kontiniu, una never see anything.”
The heat in the BRT was stifling, and sweat poured from skin pores. Thoughts of Nigeria flooded my mind. Since I was born and now that I am getting old, I have never seen Nigeria changeth (for good).
Inside the armoured bus, seated at the feet of the Lord of Lagos were members of his innermost circle – Noisome Winke, IdanFemi Gbabiamila, Baba Chief AdeBC, Jide-Olu, and Natasha coveter, Chief Dogswill Akpabi.
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In the fleeting moment when the Lord of Lagos let down his window, I saw his gaze travel beyond the hailing roadside traders, resting on the 13-storey Senate Building of the University of Lagos, across the lagoon. I saw desire lit up in his eyes. “My name will suit the university more than its current name. What is UNILAG? Why not UNIBAT?
Winke, the ultimate bootlicker and mind reader, will not miss the opportunity to massage the ego of the Lord of Lagos. Though he cleared his throat, the frog in it would not keep silent. “Jide-Olu, don’t you think you should name UNILAG and this world’s best bridge after our personal Lord and Saviour?” Jide-Olu smiled, “No, Winke. UNILAG and the Third Mainland Bridge do not belong to the state. They belong to the centre, which is headed by our Lord and Saviour.”
Sounding more like a masquerader battling stomach upset during a market show, Winke said, “Uhmm, it doesn’t matter, you can start the call from your end – that our leader deserves the university to be renamed after him. Or does he not?” Jide-Olu, “Why not, if not? In fact, I suggest we should call on the National Assembly to name all federal universities and polytechnics after our leader. That way, the nation will save money.”
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Lord of Lagos: What do you think about these suggestions, Natasha, oh sorry, I mean, Akpabi?
Akpabi: (Smiles like a child eating ice cream, his special Ibibio accent booming loud and clear) Ha, you are our òká o. And, as our òká, iris not too much if we name Nigeria after you, I swear. Nigerians cannot reyect it. On Monday, the yoint session will rook at how we are going to do it, so that the opposition and Nigeria Rabour Congress will not begin their wahala.”
Lord of Lagos: Baba AdeBC, what do you think?
Baba AdeBC: Well, it’s not a bad idea for Nigeria to show gratefulness to her messiah and defender. I think it’s a good idea. (Baba AdeBC beams his trademark smile, which is as lifeless as the beach foam left behind on the shore by the roaring ocean)
Idanfemi: Your Excellency, you have a phone call from the US President, sir.
Lord of Lagos: Oh, connect me, Idanfemi.
Trump: How’re you doing, BAT?
Lord of Lagos: I’m doing great, Donald. Thank you. How’re you and your wonderful family?
Trump: We’re fine, and thanks for asking. Hey BAT, can I pick your brain real quick?
Lord of Lagos: Ha! No oooo; leave my brain alone o. Please, don’t pick it. My brain is old already. Ma se erekere iwo arakunrin yi. When you know you need Nigerian brains, why did you restrict your visa to three-month single entry? If you want millions of Nigerian brains, you open your borders for 24 hours and see.
Trump: No, you’re getting me wrong. I don’t mean to pick your brain literally, I mean to ask for your knowledge and advice on some issues.
Lord of Lagos: Oh, I see. Fear don catch me. I don’t want anything to touch this my political brain o.
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Trump: Exactly what I’m saying! That your political brain is what I want to pick. I just saw your convoy on CNN! How do you afford such a large convoy and retinue of sycophants?
Lord of Lagos: That’s not for me to worry. The state takes care of that.
Trump: OMG! You mean the state bears the brunt of all that drain on taxpayers’ money? Are you kidding me!? I think it’s better to be president of your shithole than be president of America, seriously.
Lord of Lagos: You have come with this shithole thing again, Donald? You’re not serious.
Trump: Can you believe that as president, I pay for the food my family and I eat, I pay for drinks and clothes. I pay for private parties when I host them, I pay for gifts when I buy them for foreign dignitaries, I cover my vacation accommodations, and I pay for private events hosted outside the White House. Additionally, I pay for general household items like toilet paper, toothpaste, and garbage bags. Do you know that Bill Clinton incurred $16 million in debt for legal and personal investigation fees, which he paid over time?
Lord of Lagos: (Bursts into laughter) And you say you’re prezdent? Hahahahah! You’re prezdent indeed. Hahahaha! Yes, you’re the most powerful prezdent on earth, but are you the most indulged? Certainly, no! You’re just an administrative paper prezdent, I’m the ultimate ruler.
Trump: I wish we could trade places.
Lord of Lagos: Ha, trade places ke? No ooo! Let me be prezdent of this shithole, you continue to be prezdent of your superpower country. Stay with your democracy. I’ll stay with my empire. I don’t want to be Prezdent of America. I don’t wan die in prison, please.
Email: tundeodes2003@yahoo.com
Facebook: @Tunde Odesola
X: @Tunde_Odesolap
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