Union bank

Supreme Court authorizes Union Bank to pursue Petro Union’s $ 15 billion appeal – Nigeria – The Guardian Nigeria News – Nigeria and World News

The Supreme Court yesterday unanimously upheld Union Bank’s appeal, a previous Court of Appeal ruling, which upheld a Federal High Court ruling against it, the Central Bank of Nigeria (CBN), the Minister of Finance and the Attorney General. of the Federation.

A Federal High Court had awarded in 2014 the sum of 2.550 billion pounds sterling with 15% interest per year to Petro Union Oil and Gas Company Limited (Petro Union).

The Supreme Court, in a landmark decision rendered by Judge Adamu Jauro, and to which other judges on the panel (Dattijo-Muhammad, Centus Nweze, Uwani Abba-Aji and Helen Ogunwunmiju) concurred, dismissed the preliminary objection filed by Petro Union.

The court dismissed the preliminary objection on the grounds that the court’s previous decision of December 16, 2018 was not on the merits of the case.

The court subsequently granted Union Bank leave to appeal the lower court’s judgment. Union Bank was granted 30 days after the appeal was filed to file its memorandum of argument.

The series of events that culminated in the lawsuits began in 1994 when Petro Union bought a check from a branch of Barclays Bank in the UK worth £ 2.556 billion and presented it to the ‘one of the branches of Union Bank in Lagos, claiming that it plans to build refineries and establish a bank.

Union Bank recovered the check and refused to return the money to him. Petro Union therefore filed a complaint with the Federal High Court seeking to compel the CBN, Union Bank, the Minister of Finance and Attorney General of the Federation to honor the check.

The court granted all of Petro Union’s claims and issued judgment against the company against CBN, Union Bank, Minister of Finance and Attorney General of the Federation jointly and severally.

Union Bank later claimed to have investigated the source of the check, only to discover through Barclays Bank that the account on which the check was drawn had been closed in 1989, five years before the check was presented to Lagos and that the company, which allegedly issued the check, was also dissolved in 1989, a claim Petro Union had consistently denied.

Following the Supreme Court’s ruling, the stage is now set for the Supreme Court to consider the appeal on the merits and deliver justice to all concerned.

Appeals filed by CBN and the Federation’s Attorney General for himself and the Minister of Finance are currently pending before the Court of Appeal, Abuja Division, and are now expected to go to an expedited hearing.