Court Ruling: CBN Says Union Bank Remains Safe
By Patience Ikpeme
The Central Bank of Nigeria (CBN) has assured customers and stakeholders that Union Bank of Nigeria Plc (UBN) remains safe and financially sound despite a recent court ruling concerning the bank.
In a statement issued on Wednesday, the apex bank said it is aware of the judgment delivered by the Federal High Court in Lagos on March 25, 2026, which relates to regulatory steps it took on Union Bank in January 2024.
The CBN explained that it is currently awaiting the Certified True Copy of the judgment to enable it fully review the court’s decision before taking any further steps.
According to the Acting Director of Corporate Communications at the CBN, Mrs. Hakama Sidi Ali, the bank will continue to act within the framework of the law.
“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,” she said.
She stated that the apex bank remains guided by its statutory responsibility to regulate and maintain stability in the financial system.
The CBN also moved to ease concerns among depositors, stressing that Union Bank’s operations and financial standing have not been affected by the court ruling.
“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,” Sidi Ali said.
She added that the regulator will continue to monitor the bank closely to ensure that it operates in line with safety and soundness standards, while sustaining confidence in the nation’s banking system.
“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,” she added.
The statement is expected to reassure customers and investors, as the apex bank insists that there is no threat to Union Bank’s ability to carry out its normal banking activities.
