Federal High Court in Lagos has ordered Union Bank of Nigeria to pay Nicon Investment Limited — a company owned by Senator Jimoh Ibrahim — over ₦400 billion as refund for a deposit originally valued at £137 million, plus 5% annual interest accrued over 14 years.
The court found that Union Bank failed to honor the terms of a deposit agreement dating back more than a decade, leading to the significant financial award. The judgment marks a major legal victory for Senator Ibrahim, who currently represents Ondo South Senatorial District.
Further details about the case proceedings and official responses from both Union Bank and Nicon Investment are expected in the coming hours.
