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Supreme Court sets aside N22trn judgement against Union Bank

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31 seconds ago

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Supreme Court

Naijanewsngr – The Supreme Court has set aside a Federal High Court judgment in which over N22 trillion was awarded against Union Bank and other parties since 2014.

The judgment arose from a suit instituted by a company known as Visana Nigeria Limited, which claimed that Union Bank was indebted to it in the sum of approximately $8 million at an interest rate of 2.5 percent per month compounded from January 2000 until judgment and thereafter at 10 percent per annum from the date of judgment until the sum was fully paid.

Delivering the lead judgment of the Supreme Court, with which four other justices agreed, Justice Stephen Jonah Adah regretted how non-adherence to a settled judicial precedent by the two lower courts had caused a simple matter to be in court for over 25 years.

The final determination of the case is expected to lay to rest the discomfort of the CBN and other regulators of Union Bank, its auditors, and rating agencies on the possible impact of the judgment on the going concern status of the bank.

Visana instituted the suit against the defendants, alleging that Metalloplastica Nigeria Limited, a borrower from Union Bank, was indebted to it in the sum of $7,616,188.94 as of December 1993 and that the purported Deed of Debenture made on 24th February 1989, pursuant to which Continental Merchant Bank appointed Chief R. U. Uche as Receiver/Manager of Metalloplastica, was invalid, the same having been procured “without the prior written consent of Universal Trust Bank and its successors-in-title or assigns (being Union Bank) as provided in paragraph 13(f) of the original Debenture issued by Metalloplastica in favor of Universal Trust Bank.

Judgment was delivered against Union Bank on 16 December 2014 for the sum of USD7,616,188.94 or its equivalent in Naira with prejudgment compound interest at the rate of 4.25 percent per month from 26 January 2000 till the date of judgment and thereafter at the rate of 10 percent on the judgment sum per annum from the date of the judgment till final liquidation of the debt.

The Court of Appeal later heard the application filed by the 1st respondent (Visana Nigeria Limited) to rely on fresh evidence. The appeal was heard, and judgment was delivered on the 16th of April 2021. The judgment was reduced to the sum of USD 365,605.32 or its equivalent in Naira with prejudgment interest at 4.25 percent per month simple interest from 31st December 1993 to 16th December 2014 and thereafter at the rate of 10 percent per annum from the date of the judgment at the court below until final liquidation of the judgment debt.

Still dissatisfied by the judgment of the Court of Appeal, Union Bank further appealed to the Supreme Court in 2021. Union Bank’s persistence paid off in the judgment delivered on Friday, 25 April 2025.

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Union Bank Rewards Customers with Motorcycles, Cash Prizes in 3rd Save and Win Palli Promo 4 Monthly Draw

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6 days ago

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April 22, 2025

By

Union Bank

Lagos, Nigeria— Union Bank of Nigeria has rewarded another set of customers in the ongoing Save and Win Palli Promo 4 campaign. Six lucky customers each won a brand-new motorcycle, and 120 additional winners won cash prize

The third monthly hybrid live draws were transparently conducted at the bank’s Sabo, Yaba Branch in Lagos under the supervision of relevant regulatory institutions. For integrity purposes, some of the winners were contacted to congratulate them and remind them that the bank will never call to request or confirm their confidential banking details, such as BVN, date of birth, PINs, or passwords.
Save & Win Palli Promo 4 is a nationwide campaign designed to reward both new and existing customers with cash prizes and other exciting gifts worth N131,000,000. This initiative aims to support them in achieving their savings goals while getting rewarded at the same time.

To stand a chance to win, customers can continue to top up their savings in multiples of N10,000 or more and perform a minimum of five transactions a month to increase their chances of winning in the draws. This promo is open to new and existing savings and current account holders.
Prospective customers can download the UnionMobile app on their smartphones to open accounts or walk into any Union Bank branch. Returning customers can call the 24-hour Contact Center at 07007007000 or visit any Union Bank branch nationwide to reactivate dormant accounts.

About Union Bank Plc:

Established in 1917 and listed on the Nigerian Stock Exchange in 1971, Union Bank of Nigeria Plc. is a household name and one of Nigeria’s long-standing and most respected financial institutions. The bank is a trusted and recognizable brand with an extensive network of over 300 branches across Nigeria. The bank currently offers a variety of banking services to both individual and corporate clients, including current, savings, and deposit account services; funds transfer; foreign currency domiciliation; loans; overdrafts; equipment leasing; and trade finance. The bank also offers customers convenient electronic banking channels and products, including online banking, mobile banking, debit cards, ATMs, and POS systems.

More information can be found at: www.unionbankng.com
Media Enquiries:
Favour Ayeni
+234 0201 2716800
Email: mediarelations@unionbankng.com

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Fidelity Bank Equips Entrepreneurs for Global Trade Success with EMP 18

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1 month ago

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March 25, 2025

By

Fidelity Bank

Tier-one lender, Fidelity Bank Plc, has once again highlighted the importance of promoting non-oil exports as it recently hosted the 18th edition of its dedicated capacity development training tagged Export Management Programme (EMP 18). The program, which was held recently in Lagos, provided a platform for entrepreneurs interested in exploring global trade opportunities to scale and acquire relevant expertise.

Hosted in partnership with the Lagos Business School (LBS), the 5-day intensive program focused on equipping entrepreneurs with the skills and knowledge needed to explore international market opportunities and strengthen their capacity to thrive in the export sector.

“At Fidelity Bank, our strategy to enhance non-oil exports is guided by the significant opportunities it offers to our customers and the national economy. This is why we offer a comprehensive suite of financial, advisory, and market-access solutions for businesses aiming to engage in international trade.

“Our market-access initiative, EMP, launched in 2016, has trained over 1,600 entrepreneurs. Today, we completed the 18th cohort with high-caliber participants and a 150% oversubscription. This indicates a promising future for Nigeria’s non-oil exports,” explained Isaiah Ndukwe, Divisional Head of Export and Agriculture at Fidelity Bank Plc.

Facilitated by key industry experts in the exports space, EMP 18 took participants through several sessions focused on critical areas in global trade such as Export Finance Instruments, Export Documentation, Accessibility of Export Markets, amongst others.

A key feature of the training was a facility tour of one of Nigeria’s busiest Export Processing Terminals (EPT) located in Ikorodu, Lagos State. The full-day visit, which was anchored by officials of the Nigerian Customs Service (NCS), gave participants a first-hand feel of the necessary procedure and requirements for securing regulatory approval for exporting from Nigeria.

One of the program participants, Patrick Ulayi Awu-Patricks, Managing Director/Chief Executive Officer, Alliance & Frontier Limited, commended Fidelity Bank for its leadership in deploying capacity-building initiatives in the non-oil exports sector. In a discussion with journalists, he stated that EMP 18 provided invaluable exposure to the opportunities in the export business, noting that “there are lots of non-oil exports opportunities and entrepreneurs must be able to identify and capitalize on these to be able to play effectively in the international trade space. This course has given me insights into the power of data, which is essential for strategic decision-making.”

Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 8.5 million customers through digital banking channels, its 255 business offices in Nigeria and its United Kingdom subsidiary, FidBank UK Limited.

The Bank is the recipient of multiple local and international awards, including the Export Finance Bank of the Year at the 2023 BusinessDay Awards; the Banks and Other Financial Institutions (BAFI) Awards; Best Payment Solution Provider Nigeria 2023; and Best SME Bank Nigeria 2022 by the Global Banking and Finance Awards. It was also recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence 2023 and the Best Domestic Private Bank in Nigeria by the Euromoney Global Private Banking Awards 2023.

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20 New Millionaires Emerge from Fidelity Bank GAIM 6 Promo

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1 month ago

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March 20, 2025

By

Fidelity Bank

Fidelity Bank Plc has announced 20 new millionaires at the 2nd and 3rd monthly draws of its Get Alert in Millions Season 6 (GAIM 6) promo held at the bank’s corporate head office in Lagos.

The 20 lucky winners, randomly selected through an electronic draw across Lagos, North, Abuja, South-West, South-South, and South-East zones, will be rewarded with the sum of one million naira each.

Speaking at the draws, the promo chairperson and executive director for Lagos and the southwest, Fidelity Bank Plc, Dr. Ken Opara, represented by the regional bank head, Ikoyi, Chetachi Okechukwu, noted that the GAIM 6 promo was designed to reward customers’ loyalty, encourage a savings culture, and promote financial inclusion across the country.

According to Opara, “Fidelity Bank is dedicated to the financial well-being of our customers and this commitment inspired the launch of the GAIM Promo, designed to cultivate a strong culture of savings.

“Through this promo, customers have the chance to win substantial cash prizes up to N10 million by saving and transacting with their Fidelity Bank Savings accounts. In addition to the monetary rewards, winners will receive complimentary financial advisory services to secure and grow their wealth for the future.”

The monthly draws were monitored by the representatives of relevant regulatory bodies, including the South-West Zonal Coordinator, Federal Competition and Consumer Protection Council (FCCPC), Mrs. Aboluwade Margaret; and the Principal Legal Officer, Lagos State Lotteries and Gaming Authority, Oyinkan Kusamotu.

Since the campaign launched in November 2024, Fidelity Bank has disbursed N19.75 million to 869 customers across different categories. The GAIM 6 campaign, which will run until August 2025, is set to reward lucky customers with a total of N159 million.

Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged commercial deposit money bank serving over 8.5 million customers through digital banking channels, its 255 business offices in Nigeria and its United Kingdom subsidiary, FidBank UK Limited.

The Bank is the recipient of multiple local and international awards, including the Export Finance Bank of the Year at the 2023 BusinessDay Awards; the Banks and Other Financial Institutions (BAFI) Awards; Best Payment Solution Provider Nigeria 2023; and Best SME Bank Nigeria 2022 by the Global Banking and Finance Awards. It was also recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence 2023 and the Best Domestic Private Bank in Nigeria by the Euromoney Global Private Banking Awards 2023.

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