The Supreme Court has nullified a Federal High Court ruling that had awarded over N22 trillion against Union Bank and other parties involved in a commercial dispute spanning over 25 years.
Delivering judgment on Friday, April 25, 2025, Justice Stephen Adah, speaking for a unanimous five-member panel, criticized the lower courts for failing to apply settled judicial principles, which prolonged the litigation unnecessarily.
The dispute, dating back to 1993, began when Visana Nigeria Limited sued Union Bank over an alleged $8 million debt linked to Metalloplastica Nigeria Limited.
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The Federal High Court had originally ruled in 2014, awarding Visana the debt sum with compounded interest, causing the judgment to swell to over N22 trillion.
Although the Court of Appeal later reduced the amount, Union Bank remained dissatisfied and escalated the case to the Supreme Court.
The apex court finally ruled in favor of Union Bank, cancelling the judgment.
This decision is expected to ease regulatory and financial pressures on Union Bank and restore stability, as concerns had been mounting over the massive financial implications of the judgment on the bank’s operations.
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