Supreme Court Dismisses N22 Trillion Debt Against Union Bank

The Supreme Court has set aside a Federal High Court judgement which awarded a N22 trillion debt against the Union Bank and other parties about 25 years ago in 2014.
The judgement followed a suit filed by  Visana Nigeria Limited which claimed that the bank was owing it approximately $8 million at 2.5 percent interest rate per cent per month from January 2000 until judgement and thereafter at 10 per cent per annum from the date of judgement until liquidation of the debt.
In its judgement, delivered by Justice Stephen Jonah Adah, the apex court, regretted how non-adherence to a settled judicial precedent by the two lower courts had caused a simple matter to be in court for over 25 years.
The judgement would ay to rest, the discomfort of the CBN and other regulators of Union Bank, as well as its auditors and rating agencies on the going concern on the status of the bank.
Visana claimed in the suit that Metalloplastica Nigeria Limited, a Borrower from Union Bank was indebted to it in the sum of $7,616,188.94 as at December 1993 and that the purported Deed of Debenture made on 24th February 1989, pursuant to which Continental Merchant Bank appointed Chief R. U. Uche as Receiver/Manager of Metalloplastica was invalid, same having been procured “without the prior written consent of Universal Trust Bank, UTB, and its successors-in title or assigns (being Union Bank) as provided in paragraph 13(f) of the original Debenture issued by Metalloplastica in favour of UTB. 
An earlier judgment was delivered against Union Bank on December 16, 2014 for USD7,616,188.94 or its equivalent in Naira with pre judgement compound interest at 4.25 per cent per month from January 26, 2000 till the date of judgement and thereafter at the rate of 10 per cent on the judgement sum per annum from the date of the judgement till final liquidation of the debt.
However, the Appeal Court later heard the application filed by the 1st respondent (Visana Nigeria Limited) relying on fresh evidence.