News
Court Slams €1m Damages Against Union Bank Over Breach, Negligence
Published
1 month 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.”
READ ALSO:Court Adjourns Defamation Case Against Anambra Businessman
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.
READ ALSO:Court Dissolves Marriage On Couple’s Agreement
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.
READ ALSO:My Wife Goes Clubbing At Will, Cares Less That She’s Childless, Man Tells Court
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.”
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.
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.
You may like
My Husband Fought, Abandoned Me Cos’ I’m Barren, Woman Tells Court
Our First Child Beat Me Blue And Black After My Wife Turned Them Against Me —Man
My Wife Harasses, Slaps Me All The Time —Husband
My Husband Travelled For 2 Yrs To Work, Returned With Only Plantain, Yam, Woman Tells Court
Stop My Father From Forcing Me To Marry Someone I Don’t Love, Woman Begs Court
Court Orders Divorce-seeking Woman To Pay Her Husband N120,000
News
FG Predicts Heavy Rainfall, Flood In Seven States
Published
9 hours agoon
August 23, 2025By
Editor
The Federal Ministry of Environment on Saturday predicted possible flooding in seven states and 25 locations across Nigeria.
The ministry, in its flood alert warned that heavy rainfall expected between August 23 and 24 could lead to flooding in the listed areas.
The alert was signed by the Director of the Erosion, Flood and Coastal Zone Management Department, Usman Bokani.
He further directed residents of communities along the flood plain from Jebba to Lokoja to evacuate immediately as the River Niger’s water level continues to rise.
READ ALSO:NiMet Predicts 3-day Thunderstorms, Rains
“Due to the rise in the water level of River Niger, communities on the flood plain from Jebba to Lokoja are advised to evacuate,” he said.
The states and communities expected to be affected include Benue State (Abinsi, Agyo, Gbajimba, Gogo, Makurdi, Mbapa, Otobi, Otukpo, Udoma, Ukpiam); Borno State (Briyel, Dikwa, MaiduKamba; Gombe State (Bajoga, Dogon Ruwa, Gombe, Nafada); Kebbi State (Gwandu, Jega, Kamba); Nasarawa State (Agima, Keana, Keffi, Odogbo, Rukubi); Niger State (Lapai); and Yobe State (Gashua, Gasma, Potiskum).
On Friday, the National Emergency Management Agency urged residents in high-risk flood plains to evacuate to safer and higher grounds.
READ ALSO:Again, NiMet Predicts Three-day Thunderstorms, Rain From Saturday
The states at high risk according to the agency are Kebbi, Niger, Kwara states that share borders with Benin Republic.
This was disclosed in a press statement signed by the agency’s Head of Press Unit, Manzo Ezekiel.
The Director General of NEMA, Mrs. Zubaida Umar, also directed all NEMA offices covering communities along the River Niger to intensify advocacy and mobilization for flood preparedness following alerts of rising water levels in the upstream of the river in the Republic of Benin.
READ ALSO:NiMet Predicts 3-day Rains, Thunderstorms Across Nigeria From Sunday
“In an urgent directive conveyed to the operations offices, Mrs. Zubaida Umar instructed them to sensitize communities to remain vigilant and advise residents in high-risk flood plains to evacuate to safer, higher grounds, especially those in Kebbi, Niger and Kwara states that share borders with Benin Republic.
“She further urged the State Governments of the identified high-risk areas to support their Emergency Management Agencies (SEMAs) and Local Emergency Management Committees (LEMCs) in activating contingency plans and preparedness measures to mitigate the potential impact of this year’s flooding.
“The Director General reaffirmed NEMA’s commitment to ensuring coordinated actions to safeguard lives and livelihoods along the River Niger,” the statement noted.
News
‘Court Of Corruption’ — Obasanjo Knocks INEC Chairman, Judiciary In New Book
Published
10 hours agoon
August 23, 2025By
Editor
Former President Olusegun Obasanjo has criticised the Nigerian judiciary, saying it has been “deeply compromised” and that corruption among judges has turned courts into “a court of corruption rather than a court of justice.”
In his new book, Nigeria: Past and Future, Obasanjo laments the steady decline of the Nigerian judiciary’s integrity, warning that justice has become commodified in Nigeria.
“The reputation of the Nigerian judiciary has steadily gone down from the four eras up till today. The rapidity of the precipitous fall, particularly in the Fourth Republic, is lamentable,” Obasanjo wrote.
He expressed concern that the judiciary’s decline poses a significant threat to the nation’s stability.
READ ALSO:EFCC Raids Obasanjo’s Hotel, Arrests Suspected Internet Fraudsters At Pool Party
Obasanjo recounted an incident where a governor showed him six duplex buildings belonging to a judge who allegedly acquired them from money made as chairman of election tribunals. This anecdote, he said, illustrates the depth of corruption in the judiciary.
The former president also accused Mahmood Yakubu, INEC chairman, of undermining the electoral process since 2015.
“No wonder politicians do not put much confidence in an election which the INEC of Professor Mahmood Yakubu polluted and grossly undermined to make a charade,” he said.
Obasanjo further alleged that politicians believe the outcome of election disputes depends on the will of tribunal judges, court of appeal judges, and supreme court judges.
READ ALSO:Obasanjo Blames Loss Of Values For Democracy’s Failure In Africa
“No matter what the will of the people may be, the Chairman of INEC since after the 2015 election had made his will greater and more important than the will of the people,” he added.
Moreover, Obasanjo directly accused the late former President Muhammadu Buhari of colluding with the judiciary during his election cases.
“Buhari threw caution to the wind, no matter what had transpired between him and the judges who did his bidding. In his election cases, financially, he topped it up with appointments for them no matter their age and their ranks,” Obasanjo alleged.
The former president concluded that the current state of the judiciary and electoral system in Nigeria is alarming, saying, “After a false declaration of results, making losers winners and winners losers, the victim of the cheating is advised to go to court, which is a court of corruption rather than a court of justice.“
News
Sanwo-Olu Unveils Leather Hub, Eyes 10,000 Jobs
Published
10 hours agoon
August 23, 2025By
Editor
Lagos State Governor, Sanwo-Olu, on Saturday inaugurated a state-of-the-art leather processing and manufacturing hub in Mushin, projected to create 10,000 direct jobs and generate over $250 million in annual export turnover when fully operational.
In a press release sent to PUNCH Online, the governor said the facility was formally inaugurated on Saturday by the First Lady, Senator Oluremi Tinubu, during her three-day official visit to Lagos.
He added that the hub was named in her honour to recognise her grassroots initiatives in social investment and economic empowerment, with 70 per cent of its employment slots reserved for women and youths.
The hub is equipped with modern machinery to support Nano, Micro, Small, and Medium Enterprises (NMSMEs), enabling mass production of shoes, bags, belts, packaging materials, and other leather products.
READ ALSO:I Will Snub Gov Sanwo-Olu Again – Mr Macaroni
It is designed to ease production bottlenecks, scale operations, and position Lagos as the leather logistics capital of West Africa.
Speaking at the inauguration, Tinubu described the hub as a “trailblazing project” aligned with President Bola Tinubu’s Renewed Hope Agenda to diversify Nigeria’s economy through industrialisation, manufacturing, and innovation.
The Lagos State Leather Hub in Mushin, formally commissioned by the First Lady of Nigeria, Senator Oluremi Tinubu, on Saturday, 23 August 2025.
“Leatherwork is a traditional craft that has stood the test of time. This facility will empower artisans, scale up leather goods production, and enable them to compete confidently in both local and international markets,” she said, urging entrepreneurs to dedicate themselves to excellence and continuous learning.
Sanwo-Olu said the project would provide training and start-up support to over 150,000 artisans, boost the local economy, attract investments, and strengthen trade links with fashion districts, e-commerce platforms, and future rail services.
READ ALSO:Sanwo-Olu Unveils Bus Terminal, Slashes Red Line Fares By 30%
“Hides and skins that once left our shores unprocessed will now be transformed here in Lagos into world-class footwear, garments, and accessories proudly stamped ‘Made in Lagos, Made in Nigeria’,” the governor said.
He pledged to expand the facility through transparent regulation and continuous infrastructure upgrades, adding: “True dividends of democracy are best felt when they reach the cobbler in Mushin, the tanner in Oko-Oba, and the young fashion designer in Yaba.”
Commissioner for Wealth Creation and Employment, Akinyemi Ajigbotafe, said the hub would lower production costs and raise quality standards, positioning Lagos-made leather products for dominance in both local and export markets.
- Crisis Rocks Sokoto APC As Defunct CPC Bloc Alleges Marginalisation
- Lagos: Police Arrest Security Guard For Stealing Generators, Others
- FG Predicts Heavy Rainfall, Flood In Seven States
- Leader Of UK Christian Group Convicted Of Sexually Abusing Women
- Russia Claims More Ukraine Land As Hopes For Summit Fade
- NAF Kills 35 Terrorists In Border Airstrikes Near Cameroon
- Police Arrest Man For Allegedly Dismembering Pregnant Sister-in-law In Kwara
- ‘Court Of Corruption’ — Obasanjo Knocks INEC Chairman, Judiciary In New Book
- Renewed Tension In Warri As Itsekiri, Urhobo Youths Clash
- Police Arrest Eight Members Of Armed Robbery Syndicate In Delta
Trending
- News4 days ago
Edo Issues New Guideline On Education, Says Siblings’ Textbooks Transferable, Bans Graduation For KGs, Others, [A MUST READ]
- Metro5 days ago
Vigilantes Beat, Strip Female Corps Member In Anambra
- News5 days ago
Circuits Launchpad Targets 1M Jobs for Youths in the Digital Creative Sector
- Headline4 days ago
UK Bans Sanex Advert For Calling Black Skin ‘Problematic’, White Skin ‘Superior’
- News5 days ago
Chieftaincy Title: Why Ooni Of Ife Won’t React To Alaafin’s 48-hour Threat — Palace Aide
- News4 days ago
Nigerians Call For Mandatory DNA Tests At Birth
- News4 days ago
Yoruba Elders Wade In As Alaafin, Ooni Feud Escalates
- Headline4 days ago
Why I Plotted President Trump’s Assassination – 50-yr-old Woman
- Politics5 days ago
Anenih’s Son Dumps PDP, Gives Reason
- Headline3 days ago
JUST IN: Uganda Reaches Agreement With US To Take Migrants