The Supreme Court docket has put aside a Federal Excessive Court docket judgement by which over N22 trillion was awarded towards Union {Bank} and different events since 2014.
The judgement arose from a swimsuit instituted by an organization generally known as Visana Nigeria Restricted which claimed that Union {Bank} was indebted to it within the sum of roughly $8 million at an rate of interest of two.5 per cent per 30 days compounded from January 2000 till judgement and thereafter at 10 per cent every year from the date of judgement till the sum was totally paid.
Delivering the lead judgement of the Supreme Court docket, with which 4 different Justices agreed, Justice Stephen Jonah Adah regretted how non-adherence to a settled judicial precedent by the 2 decrease courts had brought about a easy matter to be in courtroom for over 25 years.
The ultimate willpower of the case is predicted to put to relaxation the discomfort of the CBN and different regulators of Union {Bank}, its auditors and ranking companies on the doable impression of the judgement on the going concern standing of the {bank}.
Visana instituted the swimsuit towards the defendants, alleging that Metalloplastica Nigeria Restricted, a Borrower from Union {Bank} was indebted to it within the sum of $7,616,188.94 as at December 1993 and that the purported Deed of Debenture made on twenty fourth February 1989, pursuant to which Continental Service provider {Bank} appointed Chief R. U. Uche as Receiver/Supervisor of Metalloplastica was invalid, identical having been procured “with out the prior written consent of Common Belief {Bank} and its successors-in title or assigns (being Union {Bank}) as supplied in paragraph 13(f) of the unique Debenture issued by Metalloplastica in favour of Common Belief {Bank}.
Judgment was delivered towards Union {Bank} on 16 December 2014 for the sum of USD7,616,188.94 or its equal in Naira with pre judgement compound curiosity on the fee of 4.25 per cent per 30 days from twenty sixth January 2000 until the date of judgement and thereafter on the fee of 10 per cent on the judgement sum every year from the date of the judgement until closing liquidation of the debt.
The Court docket of Appeal later heard the applying filed by the first respondent (Visana Nigeria Restricted) to depend on contemporary proof. The Appeal was heard, and judgement was delivered on the sixteenth of April 2021. Judgement was lowered to the sum of USD 365, 605.32 or its equal in Naira with pre-judgement with curiosity at 4.25 per cent per 30 days easy curiosity from thirty first December 1993 to sixteenth December 2014 and thereafter on the fee of 10 per cent every year from the date of the judgement on the courtroom beneath till closing liquidation of the Judgment debt.
Nonetheless dissatisfied by the judgement of the Court docket of Appeal, Union {Bank} additional appealed to the Supreme Court docket in 2021. Union {Bank}’s persistence paid off within the judgement delivered on Friday, 25 April 2025.
