News

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

Published

6 months ago

July 10, 2025

…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.”

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.

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.

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.”

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.

News

NAF Launches Attack On Terrorists In Borno

Published

8 hours ago

January 10, 2026

Editor

The Nigerian Air Force, NAF, operating as part of the joint task force of Operation Hadin Kai, has carried out a coordinated air interdiction at AbbagaJiri in the Timbuktu Triangle, Borno State.

According to Air Commodore Ehimen Ejodame, Director of Public Relations and Information of NAF, the air strikes successfully paved the way for ground troops.

He explained that the operation was based on actionable intelligence from multiple sources, which confirmed the presence of terrorists, their structures, and concealed logistics facilities in the area.

Ejodame stated that NAF air assets were deployed in integrated surveillance and precision strike roles to target identified threats.

The operation aimed to degrade terrorist capabilities, deny them sanctuary, and shape the battlefield for ground forces, all while strictly adhering to rules of engagement and protecting civilians.

He added, “The Identified terrorist structures were decisively engaged and destroyed, denying the terrorists freedom of action, while a follow-up engagement neutralised armed elements observed converging on the location.”

“Subsequent advances by ground troops into the area confirmed the effectiveness of the air strikes and validated the success of the joint air–land operation.”

Speaking on the mission, Chief of the Air Staff (CAS), Air Marshal Sunday Aneke, said, “The success of the mission reflects the NAF’s resolve to dominate the air domain in support of joint operations.”

Aneke further emphasized that the operation highlighted the service’s commitment to providing precise and decisive air power in support of ground forces.

In his words, “We will continue to deny terrorists freedom of movement, sanctuary, and logistics wherever they seek to hide. Air operations will remain relentless and intelligence-driven.”

“Our operations are carefully planned and intelligence-led, ensuring maximum effect on hostile elements while safeguarding innocent civilians.”

“The Nigerian Air Force will sustain pressure until terrorist networks are completely dismantled.”

He further noted that the operation showcased NAF’s aggressive stance, precision employment of airpower, and dedication to sustained joint operations.

Aneke added that such missions play a crucial role in enabling ground troops to maintain momentum and deliver decisive outcomes against terrorist networks threatening lives, property, and Nigeria’s national security.

News

Lagos Parks To Close For Maintenance – State Govt

Published

8 hours ago

January 10, 2026

Editor

The Lagos State Parks and Gardens Agency, LASPARK, has announced that all public parks under its management across the state will be temporarily closed for routine maintenance and upgrades.

In a statement released on January 9 and shared via its official platforms early Saturday, LASPARK said, “All parks under our management will be closed to the public from January 12 to January 31, 2026.

“This follows increased visitor activity during the recent festive season.”

The agency listed several popular recreational spots that will be affected, including “Ndubisi Kanu Park, Alausa JJT Park, Dr. Finnih Abayomi Park in Oregun, and all other LASPARK-managed parks across Lagos State.”

News

PAP Sends Additional 34 Foreign Post-graduate Scholarship Beneficiaries To UK Varsities

Published

23 hours ago

January 9, 2026

Editor

The Presidential Amnesty Programme (PAP) has deployed an additional 34 foreign post-graduate scholarship beneficiaries to various universities in the United Kingdom for the 2025-2026 academic year.

This was contained in a statement made available to newsmen in Warri by Mr Igoniko Oduma, Special Assistant on Media to Dr. Dennis Otuaro, the Administrator, PAP.

According to the statement, the scholars’ programmes include data science, fintech analytics, cyber security, international energy law and policy, construction project management, public health, agri-food technology, electrical and petroleum engineering, among others.

The statement added that more foreign post-graduate scholars will be sent to UK universities in the current academic session.

“In December 2025, nine students, who were the first set of offshore post-graduate scholarship developments by the PAP Administrator, Dr Dennis Otuaro, for the 2024-2025 academic year, graduated from their various programmes in UK universities.

“Otuaro has deployed over 9000 students to universities within and outside Nigeria for different industry-relevant programmes since he assumed office in March 2024,” the statement partly reads.

Speaking at the pre-departure orientation programme for the scholars at the PAP headquarters in Abuja, on Thursday, Otuaro said that the large-scale deployment was aimed at making the Niger Delta a knowledge-driven region.

He said that his leadership reinvigorated the programme to give it a new momentum in service delivery to the people of the region based on the mandate of President Bola Tinubu.

Otuaro said, “We are sending all of you for post-graduate studies in various universities in the United Kingdom.

“The PAP now has a new momentum and direction because of the repositioning and broad reforms that we carried out in line with the mandate of His Excellency, President Bola Ahmed Tinubu GCFR.

“The objective behind the huge scholarships deployment is to ensure that we develop the needed human capital to transform the Niger Delta and generate knowledge-wealth.

“We want to develop relevant manpower in critical disciplines for our region and by extension, the country, because you are expected to contribute your quota to national development after successful graduation.”

The PAP boss, who was represented at the event by his Technical Assistant, Mr Edgar Biu, advised the scholars to study hard to achieve academic excellence in their various fields of research.

According to him, the scholars have an obligation to justify the Federal Government’s investment in their education and future.

He reiterated his warning that beneficiaries should not take for granted the opportunity to further their academic pursuits in the interest of the Niger Delta and indeed the country.

Otuaro expressed appreciation to President Tinubu for his “enormous interest and support for the Programme”, particularly the approval of an upward review of the programme’s budget from N65billion to N150billion.

He also expressed gratitude to the National Security Adviser, Mallam Nuhu Ribadu, for his impeccable guidance and supervision of the programme’s initiatives.

Otuaro, therefore, cautioned the scholars to obey their host country’s laws and the rules and regulations of their various institutions, stressing that they are ambassadors of Nigeria, the Niger Delta and their communities and families.

Highpoint of the orientation programme was the presentation of laptops to the scholars to help them in their studies.