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

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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.

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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

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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.

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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

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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.

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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

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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.

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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.

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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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Why Sowore Was Taken To Prison After Bail – Police

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The court granted bail to Sowore with N500,000 and two sureties, which his legal team was working to perfect at the time of the police action.

Speaking to newsmen in Abuja shortly after the incident, human rights activist, Deji Adeyanju, accused the police of violently attacking and removing Sowore moments after his bail was granted.

Adeyanju alleged that more than 50 armed officers stormed the court premises, descended on Sowore, and took him away by force while refusing to present a valid remand order.

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“Sowore had just been granted bail, and while we were conferring with him here, the police suddenly launched an attack. More than 50 officers violently descended on him and took him away by force. We don’t even know where they have taken him,” he said.

READ ALSO:Why We Arrested Sowore – Police

He said the officer who led the operation briefly displayed what he claimed was a remand order but refused to allow Sowore’s lawyers to inspect it.

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Adeyanju said, “The officer flashed the document, and when we insisted on reviewing it, he pocketed it and ordered that they must go.

“When we asked where they were taking him, he said Kuje Prison. We demanded to see the remand order as endorsed by the court, but he refused.”

He further alleged that during the scuffle, the police accused Sowore of insulting the Inspector General of Police, saying, “Because Sowore called the IG useless, they must deal with him.”

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READ ALSO:JUST IN: Police Arrest Sowore

The lawyer said the officers tore Sowore’s shirt during the confrontation and dragged him away even as his legal team was still perfecting his bail conditions.

However, while responding to Sowore’s re-arrest via X (formerly Twitter), the Force Public Relations Officer, Benjamin Hundeyin, said the police acted within the law, adding that officers were empowered to use commensurate force to carry out their duties.

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Hundeyin, who attached a remand warrant to his post, wrote, “Except we want to be mischievous, we all know that once court grants a suspect bail, it comes with the caveat that until the bail conditions are met, the suspect remains in custody.

“Where it is clearly spelt out on the remand warrant that the suspect be remanded in a correctional facility, not police custody, it is the duty of the police to hand over the suspect to the Nigeria Correctional Service, who would then process his bail conditions.

“This has always been the practice. Why should this be different? Also, as law enforcement officers, we are empowered by law to employ commensurate force to get our mandate achieved.”

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FIFA’s Use Of Kebbi Stadium In Banner Sparks Outrage, Funding Row

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Global football body FIFA has stirred a storm of reactions across Nigeria after showcasing the Birnin Kebbi Stadium project in Kebbi State — a facility co-funded with the Nigeria Football Federation — on its official social media pages.

FIFA on Saturday used an image of the project, dating back to 2023, as the new profile banner on its official X (formerly Twitter) and Facebook accounts.

The image, showing a half-furnished stadium in Birnin Kebbi, quickly went viral.

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Built under the FIFA Forward Programme, the stadium was meant to symbolise progress in grassroots football. But as the photo circulated online, fans flooded social media with outrage and speculation.

Some netizens interpreted FIFA’s post as a subtle jab at the NFF, following recent allegations of fund mismanagement.

The uproar comes just days after football critic Chinedu Mobike, via his official Instagram handle #c_mobike, on October 23, 2025, accused the NFF of squandering millions of dollars meant for infrastructure projects, including its twin project in Delta State.

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READ ALSO:JUST-IN: NFF Pulls Out Super Eagles From AFCON Qualifier After Libya Airport Nightmare

Mobike, in his viral video, claimed that FIFA gave the NFF “1.2 million dollars for two stadiums” — one in Kebbi and another in Ugborodo, Delta State — which, he alleged, “till today did not see daylight.”

Comparing Nigeria’s FIFA-funded projects with those of other nations, Mobike alleged that while “other countries used the funds to truly develop football, Nigeria produced nothing to show.

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“The NFF should sit up…There are no active projects promoting football or sports in Nigeria,” Mobike said.

According to The PUNCH, the next day, Friday, October 24, 2025, the NFF issued an official statement, which it described as a “fresh clarification to misinformation” by some social media users (names not mentioned) who claimed the NFF “collects millions of dollars from FIFA annually to misappropriate.”

The statement, retrieved from the NFF website, was titled: “NFF: Monies received from FIFA & CAF are for specific purposes, and audited in every cycle.”

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While Mobike’s video reignited calls for reform, the hashtag #SaveNigerianFootball has been trending on X, as users express frustration and hope that collective pressure might finally bring transparency to Nigerian football governance.

READ ALSO:SWAN Orders Nationwide Boycott Of NFF Activities

In its October 24 statement, the NFF firmly denied any wrongdoing, explaining that every dollar received from FIFA or CAF is tied to a specific purpose and audited annually.

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“The monies meant for development purposes are tied to specific projects.

“FIFA Forward funds are properly specified and under strict adherence to financial regulations, compliance, monitoring, and auditing at every stage,” the NFF said.

The Federation cited ongoing FIFA Forward projects such as the NFF/FIFA Players’ Hostel and new training pitches at the MKO Abiola National Stadium, stressing that every phase is verified before funds are released directly to FIFA-approved consultants.

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Dismissing the viral reports as “fictitious figures,” the NFF added that those spreading misinformation “would find no reason to seek clout if they had any idea how much it costs to organise a single match of any of the national teams.”

But the clarification failed to calm the storm.

READ ALSO:JUST IN: NFF Appoints New Super Eagles Coach

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Instead, FIFA’s quiet profile update on Saturday reignited debate, with many Nigerians reading it as a silent but deliberate signal.

Many questioned how long it would take to fully complete a mini-stadium project that came to light in May 2023, after the groundbreaking event in September 2020 by the former Kebbi governor, Abubakar Atiku Bagudu.

In December 2023, it was reported that Kebbi State Governor Nasir Idris unveiled the FIFA/NFF-backed stadium project, saying it was designed to “boost the morale of youths in the state.”

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He noted that the project cost $1,183,000, with the state government donating four hectares of land and paying ₦19 million in compensation to landowners.

Earlier, in May 2023, FIFA described the Kebbi project as part of its commitment to grassroots football, writing on its website InsideFIFA: “It is no surprise, then, that Birnin Kebbi, the capital of Kebbi, was chosen back in 2020 as the site for the construction of an artificial football pitch now available for young boys and girls to use.

READ ALSO:JUST IN: NFF Appoints New Super Eagles Coach

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Meanwhile, a second pitch is under construction in Ugborodo… these two ambitious projects have received around USD 2 million in funding from FIFA through its Forward Programme.”

Online Reactions
Social media erupted with interpretations and comparisons.

Some users viewed FIFA’s action as subtle recognition rather than mockery. One X user, @Poka741997, wrote: “FIFA updating their header is symbolic. It’s recognition for Nigeria, even if the stadium’s budget is modest by international standards.”

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Others saw it as a global embarrassment.

User #_AsiwajuLerry commented: “FIFA changed their Twitter header to the $1.2m stadium built by the NFF. Global shame.”

READ ALSO:Joy As NFF Gifts Super Eagles Coach, Finidi George Car Worth N125m

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Echoing that sentiment, #OyokunyiOkon added: “This is embarrassing. The NFF should be ashamed that FIFA is showcasing a $1.2 million ‘stadium’ in Kebbi that clearly reflects misplaced priorities and poor accountability.”

Comparing Nigeria’s project to Senegal’s 50,000-seat Stade Abdoulaye Wade, user #FemiOguntayo2 remarked: “Nigerians want to build a world-class stadium with $1.2m… Haba! We know NFF is corrupt but haba na…

“This is Stade Blaise Sené (also known as Stade du Sénégal or Abdoulaye Wade National Stadium) in Diamniadio, Senegal. Its total construction cost was $270 million, funded largely by the Senegalese government and built by Turkey’s Summa Construction Company. FIFA’s way of mocking the NFF. How did they spend $1.2m on that stadium? Exposing the kwaruption in the NFF?”

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Another user, #mario99amr29, suggested FIFA’s post was deliberate: “We know what’s at play.

If FIFA can display this at the expense of other successful projects, maybe it’s a subtle callout. Nigeria vs Kenya: A case study.”

As of press time, FIFA had yet to issue any official comment explaining the use of the Kebbi stadium image on its banner. PUNCH

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Police Arrests Principal Supplier Of Weapons To Bandits In Delta

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The Special Assignment Team of the Delta state Police Command has arrested a key supplier of weapons to bandit groups in the northern part of Nigeria

The suspect, one Ahmed Ibrahim (31) male, resident of Ekpan in Uvwie local government area, has long been on the command’s watch list for his alleged role in several high-profile kidnapping and armed-robbery operations.

The Commands Police Public Relations Officer, (PPRO), Bright Edafe, in a statement disclosed that acting on credible intelligence from the Force Technical Intelligence Unit (TIU), Abuja, operatives of the CP Special Assignment Team (CP-SAT), led by ASP Julius Robinson, arrested a female suspects, one Jamila Abubakar, at Conoil Filling Station, Warri–Patani Road, Effurun.

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READ ALSO:Police Arrest Murder Suspect, Recover Corpse In Delta

The statement revealed that upon her arrest, officers discovered the cash sum of ₦550,000 neatly concealed beneath her bag and suspected to be proceeds from illicit transactions.

According to DAILY POST her apprehension provided a crucial lead that set off a well-coordinated follow-up operation.

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Buildin on that intelligence, the operatives stormed Niger-Cat area of Warri, where they successfully arrested a notorious arms peddler, one Ahmed Ibrahim (31) male, resident of Ekpan in Uvwie Local Government Area, at about 0725 hrs on 22nd October 2025.

“A search led to the recovery of a bag containing one hundred and fifteen rounds 115 rounds of 7.63mm AK-47 live ammunition, 220 rounds of SMG rifle ammunition, and 32 live cartridges”.

READ ALSO:Police Arrest Murder Suspect, Recover Corpse In Delta

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Edafe further noted, that preliminary investigations revealed that, the suspect is a key supplier of weapons to bandit groups in the north and has long been on the Command’s watch list for his alleged role in several high-profile kidnapping and armed-robbery operations.

According to the statement, Ahmed Ibrahim, is also linked to the kidnap and murder of one Ogheneovo Onemu (female), who was abducted on May 27, 2024 at Edjekota community in Ughelli North LGA, and later murdered after a ransom payment of ₦4,000,000.

Commissioner of Police, Olufemi Abaniwonda, described the breakthrough as another testament to the Command’s unwavering commitment to stemming the flow of illegal arms, dismantling criminal syndicates, and bringing offenders to justice.

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The CP urged residents to remain vigilant and continue supporting the Police with timely and credible information to aid the fight against crime, assuring the public that the Command will sustain its momentum against criminal elements and remain resolute in protecting the lives and property of all law-abiding citizens.

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