Acquisition: Union Bank Is Owing Us £2.1 Billion Judgement Debt — Petro Union Oil & Gas Co Ltd Notifies Public

Petro Union Oil & Gas Company Limited reacted to media
publications that Zenith, Access Banks have express interest to
acquire Union Bank of Nigeria PLC.

The Company, in a statement made available to Nairalaw
signed by its counsel, J-K Gadzama LLP, is putting the prospective
buyers and the public on notice that Union Bank is owing it £2.1
Billion judgement debt which the Bank hasn’t paid yet.

The Company added that the judgment of the Federal High Court in
its favour and against Union Bank was affirmed by the Court of
Appeal in Appeal No. CA/A/258/2014 delivered on Tuesday, the 5th
day of June, 2018, and the Appeal lodged by the Bank was dismissed.
Furthermore, that an Appeal to the Supreme Court by the Bank in
SC.632/2018 was held to be incompetent by the judgement of the
Supreme Court delivered on Monday, December 16, 2019, by Honourable
Justice Mary Ukaego Peter-Odili, JSC, although there is a pending
application by the Bank praying the Court to set aside the said
judgment.

“We believe it is important for us to put the prospective buyers
and the public on notice of the outstanding judgment sum to the
tune of £2, 159, 221, 318.54 (Two Billion, One Hundred and
Fifty-Nine Million, Two Hundred and Twenty-One Thousand, Three
Hundred and Eighteen Pounds Sterling, Fifty-Four Pence) against
Union Bank of Nigeria PLC (“the Bank”) as delivered by the Federal
High Court sitting in Abuja per Honourable Justice A. Abdu-Kafarati
in Suit No. FHC/ABJ/CS/104/2012 wherein the Court, in its judgment
of March 11, 2014, amongst other reliefs, held that our Client is
entitled to the sum of £2, 159, 221, 318.54 (Two Billion, One
Hundred and Fifty-Nine Million, Two Hundred and Twenty-One
Thousand, Three Hundred and Eighteen Pounds Sterling, Fifty-Four
Pence) and 15% per annum from 2nd June, 1995 until the total sum is
released and transferred to our Client.

“In view of the above, while we are not in a position to
dissuade prospective buyers of Union Bank of Nigeria PLC not to
continue with the transaction or advise against the sale of the
Bank, we wish to put the public on notice that the judgment sum of
£2, 159, 221, 318.54 (Two Billion, One Hundred and Fifty-Nine
Million, Two Hundred and Twenty-One Thousand, Three Hundred and
Eighteen Pounds Sterling, Fifty-Four Pence) is still outstanding
and yet to be paid. Furthermore, the matter is yet to be concluded
by the Supreme Court and may go either way,” the statement partly
stated.

Petro Union Oil & Gas Company Limited reacted to media
publications that Zenith, Access Banks have express interest to
acquire Union Bank of Nigeria PLC.

The Company, in a statement made available to Nairalaw
signed by its counsel, J-K Gadzama LLP, is putting the prospective
buyers and the public on notice that Union Bank is owing it £2.1
Billion judgement debt which the Bank hasn’t paid yet.

The Company added that the judgment of the Federal High Court in
its favour and against Union Bank was affirmed by the Court of
Appeal in Appeal No. CA/A/258/2014 delivered on Tuesday, the 5th
day of June, 2018, and the Appeal lodged by the Bank was dismissed.
Furthermore, that an Appeal to the Supreme Court by the Bank in
SC.632/2018 was held to be incompetent by the judgement of the
Supreme Court delivered on Monday, December 16, 2019, by Honourable
Justice Mary Ukaego Peter-Odili, JSC, although there is a pending
application by the Bank praying the Court to set aside the said
judgment.

“We believe it is important for us to put the prospective buyers
and the public on notice of the outstanding judgment sum to the
tune of £2, 159, 221, 318.54 (Two Billion, One Hundred and
Fifty-Nine Million, Two Hundred and Twenty-One Thousand, Three
Hundred and Eighteen Pounds Sterling, Fifty-Four Pence) against
Union Bank of Nigeria PLC (“the Bank”) as delivered by the Federal
High Court sitting in Abuja per Honourable Justice A. Abdu-Kafarati
in Suit No. FHC/ABJ/CS/104/2012 wherein the Court, in its judgment
of March 11, 2014, amongst other reliefs, held that our Client is
entitled to the sum of £2, 159, 221, 318.54 (Two Billion, One
Hundred and Fifty-Nine Million, Two Hundred and Twenty-One
Thousand, Three Hundred and Eighteen Pounds Sterling, Fifty-Four
Pence) and 15% per annum from 2nd June, 1995 until the total sum is
released and transferred to our Client.

“In view of the above, while we are not in a position to
dissuade prospective buyers of Union Bank of Nigeria PLC not to
continue with the transaction or advise against the sale of the
Bank, we wish to put the public on notice that the judgment sum of
£2, 159, 221, 318.54 (Two Billion, One Hundred and Fifty-Nine
Million, Two Hundred and Twenty-One Thousand, Three Hundred and
Eighteen Pounds Sterling, Fifty-Four Pence) is still outstanding
and yet to be paid. Furthermore, the matter is yet to be concluded
by the Supreme Court and may go either way,” the statement partly
stated.