Skip to content
VON Digest

VON Digest

A News, Fashion & Lifestyle Website in Nigeria

  • Home
  • Entertainment
  • Health & Lifestyle
  • News & Politics
  • Religion
Watch Online
  • Home
  • Business
  • Supreme Court Overturns N22 Trillion Judgement Against Union Bank
  • Business

Supreme Court Overturns N22 Trillion Judgement Against Union Bank

Vanessa April 28, 2025
Court Overturns N22 Trillion Judgment Against Union Bank

The Supreme Court has set aside a Federal High Court judgment that awarded more than N22 trillion against Union Bank and other parties since 2014.

The case arose from a suit filed by Visana Nigeria Limited, which claimed Union Bank owed it around $8 million. Visana alleged the debt accumulated interest at 2.5% per month from January 2000 until judgment, and 10% per annum thereafter.

Justice Stephen Jonah Adah delivered the lead judgment, with four other Justices agreeing. He criticized the lower courts for failing to follow established precedents, which caused a simple case to drag on for over 25 years.
The Supreme Court’s ruling is expected to ease concerns at the Central Bank of Nigeria, Union Bank’s auditors, regulators, and rating agencies about the bank’s financial stability.

Visana had sued, claiming Metalloplastica Nigeria Limited, a borrower from Union Bank, owed it $7.6 million as of December 1993.
Visana also challenged the Deed of Debenture dated February 24, 1989. It argued that Continental Merchant Bank wrongly appointed Chief R. U. Uche as Receiver/Manager of Metalloplastica without obtaining Universal Trust Bank’s prior written consent, as required under the original Debenture terms.

Appeals and Final Relief for Union Bank

On December 16, 2014, the Federal High Court ruled against Union Bank. It awarded $7.6 million or its Naira equivalent, plus compound interest at 4.25% monthly from January 26, 2000, until judgment. It also imposed 10% yearly interest from the judgment date until full payment.

Visana later applied to the Court of Appeal to admit fresh evidence. After reviewing the case, the Appeal Court reduced the judgment on April 16, 2021.

It awarded $365,605.32 or its Naira equivalent, plus simple interest at 4.25% monthly from December 31, 1993, to December 16, 2014. Interest would continue at 10% per year until the debt’s full settlement.

Union Bank, still dissatisfied, appealed to the Supreme Court in 2021. Its persistence paid off when the Supreme Court ruled in its favor on Friday, April 25, 2025.

Related

Tags: Union Bank Visana Nigeria Limited

Continue Reading

Previous: Sterling Bank Rolls Out Free Bus Rides for Nigerians, Doubles Efforts on Free Transfers
Next: Nigerian Army Seizes Over 180,000 Litres of Stolen Products, Arrests 23 Suspects

Related Stories

Ojude Oba 2025: Adron Homes Blends Tradition with Modern Luxury House of Adron Steals the Show at Ojude Oba Festival 2025
  • Business

Ojude Oba 2025: Adron Homes Blends Tradition with Modern Luxury

June 8, 2025
Fidelity Bank Distributes Food Packs to Over 1,500 Residents in Ihie Community Fidelity Bank Distributes Food Packs to Over 1,500 Residents in Ihie Community
  • Business

Fidelity Bank Distributes Food Packs to Over 1,500 Residents in Ihie Community

June 5, 2025
CBN Governor Cardoso Assures Nigerians as Economy Stabilizes CBN Governor Cardoso Assures Nigerians as Economy Stabilizes
  • Business

CBN Governor Cardoso Assures Nigerians as Economy Stabilizes

June 4, 2025

Read News in:

  • Agriculture
  • Business
  • Crime & Security
  • Education
  • Entertainment
  • Events
  • Health & Lifestyle
  • News
  • Politics
  • Religion
  • Science & Technology
  • Society
  • Sports

Follow Us

Tweets by vondigest

You may have missed

Ojude Oba 2025: Adron Homes Blends Tradition with Modern Luxury House of Adron Steals the Show at Ojude Oba Festival 2025
  • Business

Ojude Oba 2025: Adron Homes Blends Tradition with Modern Luxury

June 8, 2025
Matawalle Tells Lawal: Join APC, Stop the Hide-and-seek Games Matawalle Tells Lawal: Join APC, Stop the Hide-and-seek Games
  • Politics

Matawalle Tells Lawal: Join APC, Stop the Hide-and-seek Games

June 8, 2025
IPOB Labels Nnamdi Kanu a Prisoner of Conscience IPOB Labels Nnamdi Kanu a Prisoner of Conscience, Urges Global Action
  • News

IPOB Labels Nnamdi Kanu a Prisoner of Conscience

June 8, 2025
Army Chief Honours Frontline Troops with Eid Luncheon in Jos Army Chief Honours Frontline Soldiers with Eid Luncheon in Jos
  • Events

Army Chief Honours Frontline Troops with Eid Luncheon in Jos

June 8, 2025
Von Digest

Categories

  • Agriculture
  • Business
  • Crime & Security
  • Education
  • Entertainment
  • Events
  • Health & Lifestyle
  • News
  • Politics
  • Religion
  • Science & Technology
  • Society
  • Sports

About This Site

  • About Us
  • Contact Us
  • Privacy Policy
  • Terms of Use
  • About Us
  • Contact Us
  • Privacy Policy
  • Terms of Use
© 2025 VON Digest Media Limited, Niegria. | DarkNews by AF themes.