A Federal High Court in Lagos has ordered Union Bank of Nigeria to pay Nicon Investment Limited, a company owned by Senator Jimoh Ibrahim, the sum of over N400 billion as refund for a deposit equivalent to £137 million, along with 5% annual interest accrued over 14 years.
The landmark judgement, delivered earlier today, marks a significant legal victory for the business mogul and senator representing Ondo South Senatorial District. The court found that the bank failed to honour the terms of the deposit agreement dating back over a decade.
Further details on the case proceedings and reactions from both parties are expected to emerge in the coming hours.
