The Central Bank of Nigeria (CBN) has stressed that Union Bank of Nigeria Plc remains stable and fully capable of meeting its obligations to customers, depositors and other stakeholders, despite a recent court judgment overturning its earlier regulatory action.
In a statement Wednesday, the apex bank acknowledged the Federal High Court in Lagos ruling that invalidated its January 2024 decision to remove the bank’s board and management, describing the judgment as under review while reaffirming its commitment to the rule of law.
The CBN said Union Bank’s operational status is unchanged and pledged to continue regulatory oversight to ensure its sound and stable functioning, underlining confidence in the institution and the broader financial system.
Acting Director of Corporate Communications Hakama Sidi Ali emphasised that the bank remains a safe, reliable lender with ongoing supervisory engagement to maintain public trust and safeguard stakeholder interests.
