CBN reaffirms oversight, assures stability of Union Bank after court ruling

2026-03-25 - 22:03

By Babajide Komolafe The Central Bank of Nigeria (CBN) on Wednesday assured the public of the stability of Union Bank PLC, saying it will continue to provide regulatory oversight of the bank and review the court judgement regarding its intervention in the bank. The CBN said this in a statement signed by the Ag. Director, Corporate Communications, Mrs. Hakama Sidi Ali. The statement reads: “The Central Bank of Nigeria (CBN) acknowledges the judgment delivered on Wednesday, March 25, 2026, by the Federal High Court in Lagos concerning its regulatory action on Union Bank of Nigeria Plc (UBN) in January 2024. “The Bank is currently obtaining the Certified True Copy of the judgment and will review it carefully, reaffirming its unwavering commitment to the rule of law. “As the apex regulatory authority, the CBN remains committed to acting in accordance with its mandate and established legal processes. “The CBN assures the public that UBN’s status is unchanged and that it remains fully capable of meeting its obligations to customers, depositors, and all stakeholders. “The CBN will continue to provide the necessary regulatory oversight to ensure Union Bank operates in a safe, sound, and stable manner, while maintaining public confidence in the financial system.”