Appeal Court Urged to Dismiss Union Bank’s Request to Halt N13 Billion Ikoyi Property Judgment

The Court of Appeal in Lagos is being urged to reject Union Bank Plc’s attempt to delay a judgment related to the bank’s “wrongful” undervalued sale of a family property at No. 6, Moore Road, Ikoyi, Lagos. The property, initially sold for N60 million, would now be valued at approximately N13 billion, including pre- and post-judgment interest.

Representatives for Mrs. Olubunmi Ogunde and others filed a counter affidavit on November 7, 2024, opposing the bank’s request. They argue that the High Court’s verdict, which found Union Bank’s sale of the property fraudulent and ordered the bank to pay N112,050,000 (with N60 million already paid), should be upheld.

Union Bank is challenging the ruling, claiming that the trial court made errors in determining the property’s undervalued sale and awarding damages. However, Omotola Oni of Olaniwun Ajayi Chambers, representing the respondents, stated that suspending the judgment would unfairly deprive the family of justice. He suggested that if the stay were granted, the bank should deposit the judgment sum into an interest-bearing account with a compound interest rate, calculated from 1998 to present, totaling nearly N12.5 billion.