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CBN reaffirms Union Bank’s stability following court ruling
The Central Bank of Nigeria (CBN) has moved to calm public concerns, assuring Nigerians that Union Bank Plc remains stable and fully operational.
In a statement released late on Wednesday night, following a court ruling that ordered the removal of the bank’s board in 2024, the apex bank said Union Bank is still meeting all its responsibilities to customers.
The CBN stressed that despite the legal developments, the bank continues to function normally and has not defaulted on its obligations, reassuring depositors and stakeholders of the safety of their funds.
The signed by the CBN Ag. Director of Corporate Communications, Mrs. Hakama Sidi Ali reds in full, “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.”
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