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

The Central Bank of Nigeria (CBN) on Thursday acknowledged the judgment of a Federal High Court in Lagos over its regulatory action on the Union Bank of Nigeria Plc (UBN) in January 2024.

This is contained in a statement by its Acting Director, Corporate Communications Department, Mrs Hakama Sidi-Ali, made available to the our correspondent Abuja.

Sidi-Ali said that the apex bank was currently obtaining the Certified True Copy of the judgment and would review it carefully.

She reaffirmed the CBN’s 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 that the Union Bank operates in a safe, sound, and stable manner, while maintaining public confidence in the financial system,” she said.

Our correspondent reports that the court ruling of Wednesday, relates to an earlier action taken by the CBN in January 2024, dissolving the UBN’s board and management.

The court ruled that the CBN acted beyond its legal powers, and therefore overturned that decision.