The Central Bank of Nigeria (CBN) has said it will review the court ruling involving Union Bank of Nigeria Plc, while maintaining that the bank remains stable and fully operational.
This was disclosed in a press statement issued on Wednesday by the Acting Director of Corporate Communications, Hakama Sidi Ali.
According to the apex bank, the judgment was delivered by the Federal High Court in Lagos on March 25, 2026, in relation to its regulatory action on Union Bank in January 2024.
The statement read, “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 added that it is taking steps to properly examine the ruling before deciding its next course of action.
“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,” it stated.
CBN reassures on Union Bank’s stability
Despite the legal development, the CBN stressed that there is no change to Union Bank’s operational status, signalling an effort to calm potential market concerns.
It stated, “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 apex bank further reiterated its role as regulator, noting that oversight of the financial system remains intact.
“As the apex regulatory authority, the CBN remains committed to acting in accordance with its mandate and established legal processes,” the statement added.
It also emphasised that it would “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.”
