UNION BANK RESPONDS TO HIGH COURT RULING ON NICON INVESTMENTS LIMITED, GLOBAL FLEET AND JIMOH IBRAHIM CASE

Union Bank of Nigeria acknowledges the recent judgment of Justice Abike Fadipe of the Ikeja
High Court in the matter involving Senator Jimoh Ibrahim, NICON Investment Limited, Global Fleet, and the Bank.

We wish to assure our customers, partners, and the public that Union Bank operates with the
highest levels of professionalism, ethical conduct, and legal compliance in all our dealings.

While we respect the authority of the court, we strongly disagree with the judgment delivered and have instructed our lawyers to file an appeal against it immediately.

The court’s findings, including its position on the consolidation of indebtedness, locus standi, and third-party liability, are at variance with established legal principles and the Bank’s
understanding of the facts. We are confident in our legal position and intend to vigorously
pursue all lawful avenues to ensure that justice is served.

Union Bank had previously transferred the relevant debt obligations to the Asset Management Corporation of Nigeria (AMCON), and we maintain that all actions taken in this regard were in line with applicable laws and banking practice.

We reiterate our unwavering commitment to acting in good faith, protecting stakeholder
interests, and preserving the integrity that has defined our institution for over a century. The

Bank remains resilient and focused on continuing to deliver excellent service and value to its customers.

We appreciate the continued trust and support of all stakeholders as we navigate this legal

process.

Mrs. Olufunmilola Aluko

Chief Brand and Marketing Officer

Union