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

The Audacity Of Hope: Super Eagles And Our Faltering Political Class

Published

on

By

By Israel Adebiyi

There are moments in a nation’s story when a game becomes more than a game-when the sweat on the pitch mirrors the struggle of a people, and the roars from the stands echo the collective heartbeat of a nation desperate for redemption. Such was the scene when the Super Eagles clawed their way back from the brink of elimination to secure a playoff spot in the race to the 2026 FIFA World Cup.

It wasn’t just football; it was symbolism-a parable in green and white. From the dreary days of uninspired draws, missed opportunities, and lackluster displays, the Eagles stood on the edge of national disappointment. The odds were stacked, the critics were loud, and the faith of millions trembled. Yet, when the final whistle blew in their emphatic victory over the Cheetahs of Benin Republic, something shifted-not merely in scoreline, but in spirit. It was a triumph of grit, not glamour; of will, not wealth; of belief, not bluster.

Advertisement

Nigeria needed that moment. In many ways, the Super Eagles’ journey mirrors the story of the country itself-a people endowed with talent, weighed down by inconsistency, often their own worst enemies, yet still capable of soaring when purpose meets passion.

Comebacks do not happen by accident. They are built on self-reflection, discipline, and a renewed sense of mission. Before the turnaround, the Eagles had looked like a team without direction. Disjointed in play and spirit, they embodied what happens when leadership loses vision and followership loses faith. But something changed-the game plan was redefined, individual brilliance gave way to teamwork, and complacency bowed to hunger.

MORE FROM THE AUTHOR:OPINION: Nigerian Leaders And The Tragedy Of Sudden Riches

Advertisement

Therein lies the first lesson for our nation’s leadership: redemption begins with recognition of failure. It takes humility to accept that the path one treads leads nowhere. For months, Nigerians cried out for accountability and vision-not just from their footballers but from those who govern. Our leaders, like the Eagles before their awakening, must learn that no nation moves forward when its strategy is based on improvisation rather than introspection.

In that decisive match, the Eagles played not as men protecting a privilege, but as warriors defending pride. They fought like men who knew the alternative-failure-was too bitter to bear. Hunger, it turns out, is the secret engine of excellence. When comfort sets in, mediocrity follows; but when hunger burns, possibilities unfold.

That, again, is the Nigerian story. For too long, we have watched leaders bask in comfort zones while the nation groans under the weight of complacency. The hunger for transformation-the fierce desire to prove that we can rise beyond our failures-must return to our national psyche. The Super Eagles didn’t win because they had better boots or bigger names; they won because they had something to prove. And perhaps that’s the mindset we need in our public offices, our schools, our industries-men and women who are driven, not by perks of position, but by purpose.

Advertisement

The audacity of hope is what keeps nations alive when all else fails. When the Eagles faltered in earlier matches, Nigerians lamented but did not surrender. Hope persisted, sometimes faintly, but enough to keep the drums beating. It was hope that made millions still tune in, still believe that perhaps, just perhaps, the tide could turn.

That same hope must animate our civic and political life. Hope that the economy can recover from its staggering inflation. Hope that our schools can rise again from neglect. Hope that insecurity can yield to peace, and that leadership can once again mean service, not self-interest.

MORE FROM THE AUTHOR:[OPINION] Rivers: The Futility Of Power And The Illusion Of Victory

Advertisement

But hope, on its own, is not magic-it must be partnered with strategy and sacrifice. The Eagles did not just hope their way into victory; they trained, they adjusted, and they fought. In the same way, our national rebirth will not happen through wishful thinking. It will require collective participation-citizens holding leaders accountable, leaders inspiring citizens with vision, and institutions working beyond selfish agendas.

Every government, like every football team, begins with a promise-to perform, to deliver, to inspire. Yet, how many administrations start strong and end in disarray, having lost both focus and the trust of the people? The Eagles’ story reminds us that it’s not how well you start, but how courageously you finish.

For our political class, the message is clear: when the people you lead lose faith in you, it is not a media problem-it is a leadership problem. The Eagles didn’t silence their critics through propaganda; they did it through performance. They let their results speak. Leadership must learn the same principle. The Nigerian people have heard enough speeches; what they crave are results-visible, tangible, life-changing results.

Advertisement

In the end, what happened on the field was more than a sporting victory. It was a moral sermon, a national mirror. It said to us: “You can stumble, you can fall, but you must not stay down.” It said to the struggling student, the weary civil servant, the disappointed voter-keep faith. There is always another match, another chance, another season.

MORE FROM THE AUTHOR:[OPINION] House Agents: The Bile Beneath The Roof

And that is the essence of nationhood. We rise, we falter, we rise again. The story of Nigeria, like that of the Super Eagles, is not one of perfection but of perseverance. We are a work in progress-a people of resilience, resilience born from countless setbacks and sustained by an unyielding belief in tomorrow.

Advertisement

The Super Eagles have given us more than joy; they have handed us a metaphor for redemption. They have shown that no matter how dark the first half, the game is not lost until the whistle blows. But they have also challenged us-to find in our collective life that same hunger, that same resolve, that same audacity to hope.

For Nigeria, as for her footballers, the message is timeless: the future belongs not to the loudest, but to the most persistent; not to the privileged, but to the purposeful.

If we can summon, as a people, the discipline of the comeback and the hunger of the Eagles, then perhaps one day, our national anthem will no longer sound like a prayer for what could be-but a celebration of what we have finally become.

Advertisement
Continue Reading

News

Two Schoolchildren Electrocuted In Anambra During Rainfall

Published

on

By

Tragedy struck in Nnewichi, Nnewi North Local Government Area of Anambra State on Monday when two schoolchildren were electrocuted while taking shelter from the rain at a roadside shop.

The incident, which occurred at St. Peter’s Claver Junction, threw the community into mourning.

Eyewitnesses and CCTV footage revealed that several pupils had gathered at the shop to escape the downpour when the tragedy happened.

Advertisement

A resident near the scene, who pleaded anonymity, recounted, “Several pupils were taking shelter at the roadside shop during the heavy rainfall. But tragedy struck when the wet bodies of two of the schoolchildren came in contact with a live metal, and they were instantly electrocuted.”

READ ALSO:Four Escape Death As Trucks Collide In Anambra

According to witnesses, panic spread as the children collapsed instantly, while others narrowly escaped.

Advertisement

The shop owner was said to have not yet opened for business when the incident occurred.

“It took the intervention of some security officers and passers-by, who used protective gloves to evacuate the bodies,” another eyewitness said.

The incident came just days after a similar tragedy in the same Nnewi area, where a woman was swept away by floodwaters in the Uruagu community.

Advertisement

READ ALSO:Four Escape Death As Trucks Collide In Anambra

When contacted, the Anambra State Police Command spokesperson, SP Tochukwu Ikenga, confirmed the incident, noting that an investigation was underway.

“The facts are not clear yet, but the divisional police officer has been directed to find out the details for a comprehensive report,” Ikenga stated.

Advertisement

The latest tragedy adds to recent cases of electrocution in the state.

READ ALSO:Four Feared Killed As Gunmen Attack Burial Ceremony In Anambra

In May, a three-year-old girl was killed in Awka after stepping on a live cable belonging to the Enugu Electricity Distribution Company.

Advertisement

Residents had reportedly alerted officials about the fallen high-tension wire, but it was not repaired until after the fatal incident.

A resident, identified as Uche, said, “The cable fell on Friday and wasn’t fixed until Sunday, after it had electrocuted the girl. The officials even requested ₦30,000 to fix it but didn’t show up until it was too late.”

The repeated incidents have reignited public concern over poor electricity infrastructure and safety negligence in Anambra communities.

Advertisement
Continue Reading

News

Oyo Orders Traders To Vacate Airport Road In Two Weeks

Published

on

By

The Oyo State Government has issued a two-week ultimatum to traders operating along Airport Road, Old Ife Road, and Onipepeye areas of Ibadan to vacate the roadside or face enforcement action.

The directive was detailed in a Tuesday statement released by the Chief Press Secretary to Governor Seyi Makinde, Dr. Suleimon Olanrewaju.

He warned that the state would no longer tolerate roadside trading or the placement of container shops on drainage.

Advertisement

READ ALSO:2027: Oyo Gov, Makinde Speaks On Successor

According to the statement, “the government has provided markets and other designated spaces for trading across the city, making it unnecessary and unsafe for traders to occupy roadsides.”

The government said the action was necessary to safeguard lives, prevent environmental hazards, and protect public infrastructure.

Advertisement

It also warned that trading on walkways and blocking drainage channels increases the risk of flooding and undermines the state’s efforts to promote tourism.

READ ALSO:Former Oyo Police Commissioner Is Dead

The government has a duty to protect citizens from all manner of danger,” the statement said, noting that roadside trading exposes people to serious risks.

Advertisement

The ultimatum expires on October 27, after which enforcement will begin.

The government said “non-compliance could lead to the confiscation of goods and prosecution of offenders.”

It appealed for cooperation from residents to ensure a cleaner, safer, and more sustainable environment in the state.

Advertisement
Continue Reading

Trending

Exit mobile version