Banking
Court Faults Union Bank for Using Nicon Investment’s £130.7m to Offset Global Fleet Loan
By Aduragbemi Omiyale
Justice O.O. Abike-Fadipe of the Lagos State High Court in Ikeja has fined Union Bank of Nigeria for converting Nicon Investment Limited’s £130.7 million fixed deposit to offset the loan obtained by Global Fleet Oil and Gas Limited.
Global Fleet and Nicon Investment are companies owned by popular businessman and Senator representing Ondo South Senatorial District, Mr Jimoh Ibrahim.
The court, while giving judgement in suit LD/1074/2010 filed by Nicon Investment against Union Bank, ordered the lender to pay £1 million as damages for the “breach of its fiduciary duties to the claimant and negligence,” dismissing the bank’s counterclaim in its entirety with N10 million costs.
According to the judgement, “The defendant bank’s unilateral use of part of the claimant’s £130,720,557.06 to liquidate Global Fleet’s debt without the mandate and/or due authorisation of the claimant is wrongful, null and void.”
It held that, “Union Bank Plc ceases to have the power to pursue the alleged indebtedness upon the sale of the said alleged indebtedness to Asset Management Corporation of Nigeria (AMCON).”
But Union Bank, in a statement, disagreed with the judgement of the court, pledging to appeal the case at the appellate court.
“We wish to assure our customers, partners, and the public that Union Bank operates with the highest levels of professionalism, ethical conduct, and legal compliance in all our dealings.
“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 court’s findings, including its position on the consolidation of indebtedness, locus standi, and third-party liability, are at variance with established legal principles and the bank’s understanding of the facts. We are confident in our legal position and intend to vigorously pursue all lawful avenues to ensure that justice is served.
“Union Bank had previously transferred the relevant debt obligations to AMCON, and we maintain that all actions taken in this regard were in line with applicable laws and banking practice.
“We reiterate our unwavering commitment to acting in good faith, protecting stakeholder interests, and preserving the integrity that has defined our institution for over a century. The
Bank remains resilient and focused on continuing to deliver excellent service and value to its customers.
“We appreciate the continued trust and support of all stakeholders as we navigate this legal process,” the statement signed by the company’s Chief Brand and Marketing Officer, Mrs Olufunmilola Aluko, said.
Business Post reports that Union Bank used the £130,682,918.93 fixed in Union Bank by Nicon Investment to clear the loan taken by Global Fleet.
Nicon Investment challenged this action in court, saying this was unlawful because the bank was not authorised to do so.
The investment firm informed that it suffered significant damages due to the bank’s actions, including other illegal charges and wrongful penalties, which deprived it of the opportunity to utilise the funds for property business and expansion.
But Union Bank argued that, “Both companies’ accounts were treated as related accounts with the knowledge and consent of both companies.”
The court agreed with Nicon Investment that Union Bank’s unilateral conversion of the funds “from the claimant’s fixed deposit account to US Dollars without the due authorisation and/or mandate of the claimant is wrongful, null and void,” emphasising that, “The pounds sterling fixed deposit account of the claimant is not tied to the indebtedness of Global Fleet and/or meant in any way or manner whatsoever to provide security for the said debt.”
By Modupe Gbadeyanka
In recognition of its strategic leadership in advancing the growth and resilience of small and medium-sized enterprises (SMEs), Union Bank of Nigeria Plc has been honoured by the Association of Small Business Owners of Nigeria (ASBON).
The lender was rewarded by the group for its suite of solutions designed to enable business expansion and long-term value creation.
At the Nigeria National SME Business Awards, held recently in Lagos, Union Bank was given the Best SME Growth Banking Initiatives Award for 2025.
The ceremony was organised by ASBON in partnership with the Lagos State government through the Ministry of Commerce, Cooperatives, Trade and Investment.
The event convened stakeholders from the public and private sectors to recognise individuals and organisations driving meaningful impact across Nigeria’s SME ecosystem.
Receiving the award on behalf of the bank, its Head of SME Segment, Mr Ayokunnumi Abraham, described the recognition as a strong endorsement of the organisation’s commitment to supporting small and medium-sized businesses.
“We are honoured to receive this recognition, which reflects Union Bank’s continued commitment to helping SMEs grow by making banking simpler, faster, and more accessible.
“Through enhancements to our specialised platforms such as Union360, we have meaningfully reduced the time it takes for businesses to come on board and begin transacting.
“These improvements have shortened onboarding, increased digital adoption among our SME customers, and supported the acquisition of new business clients. Our focus remains on delivering practical solutions that help Nigerian businesses thrive,” he stated.
By Modupe Gbadeyanka
The stellar contributions of Polaris Bank Limited to youth employment, talent development, and workforce empowerment across Nigeria have not gone unnoticed, as the company was recently recognised at an event in Lagos.
At the 2026 Jobberman Partners’ Convening, the financial institution was bestowed with the Private Sector Champion Award.
The award recognises private sector organisations that have demonstrated exceptional commitment and leadership in advancing youth employability through impactful recruitment initiatives, graduate trainee programmes, executive hiring support, candidate assessment programmes, and strategic partnerships that create sustainable career opportunities for young Nigerians.
Themed From Impact to Action: Collectively Designing the Future of Youth Employment in Nigeria, the convening focused on fostering collaboration between the private sector and other stakeholders to expand access to meaningful employment opportunities and equip young Nigerians with the skills and opportunities required to succeed in an evolving economy.
On the recognition, Jobberman commended Polaris Bank for consistently going beyond transactional partnerships to deliver measurable impact within Nigeria’s employment ecosystem. The renowned recruitment firm described Polaris Bank as a credible and purpose-driven institution committed to advancing youth employability and supporting the future of work in Nigeria.
The Head of Talent Management at Polaris Bank, Ms Cynthia Sanyaolu, reaffirmed the lender’s commitment to empowering young Nigerians and strengthening the nation’s workforce through strategic people-focused initiatives designed to create long-term economic and social impact.
“This recognition reflects Polaris Bank’s unwavering belief in the potential of the Nigerian youths and our commitment to building platforms that enable them to thrive professionally and economically.
“At Polaris Bank, we see talent development and youth empowerment as critical drivers of national growth and sustainable development,” she stated.
Over the years, Polaris Bank has continued to invest in initiatives that promote learning, career growth, workforce inclusion, and economic empowerment.
Through strategic Graduate Trainee recruitment programmes via its flagship Polaris Graduate Intensive Training (PGIT) and Polaris Tech Ignite Training (TechIGNITE), among other talent development initiatives, and collaborative partnerships, the bank remains committed to supporting the next generation of Nigerian professionals while contributing to national development.
By Aduragbemi Omiyale
Plans are underway by Ecobank Transnational Incorporated (ETI) to approach the international debt market for a capital raise.
The parent company of the Ecobank Group intends to use proceeds from the proposed exercise to refinance “the concurrent any-and-all tender offer of the ETI $350 million 8.750 per cent tier 2 notes due June 2031.”
However, the issuance of the notes is subject to prevailing market conditions and the conclusion of the necessary transaction documentation, a statement signed by the organisation’s chief financial officer, Mr Ayo Adepoju, stressed.
After issuance, the debt instrument may be listed on the London Stock Exchange, with the expectation that the bonds will be traded on its regulated market.
Ecobank noted that it would allocate an amount equivalent to the full net proceeds of the issue of the notes to finance or refinance, in part or in full, new and/or existing eligible assets as described in its Green Bond Framework (Ecobank-Sustainability), as amended and supplemented from time to time.
Ecobank, which has banking operations in 34 countries in Africa, is listed on the Nigerian Exchange (NGX) Limited, the Ghana Stock Exchange and the Bourse Régionale des Valeurs Mobilières (Stock Exchanges).
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