March 25, (THEWILL) — Nigeria’s financial system received a boost of confidence on Wednesday as the Central Bank of Nigeria (CBN) reassured the public of the continued stability of Union Bank of Nigeria Plc following a recent court ruling, affirming that the bank remains safe, sound, and fully operational.
The reassurance came in response to a judgment delivered on Wednesday, March 25, by the Federal High Court in Lagos concerning regulatory actions taken by the apex bank on Union Bank in January 2024.
CBN said it is currently obtaining the Certified True Copy of the judgment and will conduct a thorough review in line with due process.
In a statement issued by its Acting Director of Corporate Communications, Hakama Sidi Ali, the apex bank reaffirmed its strong commitment to upholding the rule of law while continuing to discharge its statutory responsibilities.
The CBN emphasised that its regulatory mandate remains firmly guided by established legal frameworks and global best practices, noting that all actions taken are aimed at safeguarding the integrity and resilience of Nigeria’s banking sector.
Providing further reassurance, the bank stated that Union Bank’s operational status remains unchanged, stressing that the institution is fully capable of meeting its obligations to customers, depositors, and other stakeholders without disruption.
“The CBN assures the public that UBN remains stable and continues to operate effectively,” the statement noted, underscoring the bank’s commitment to maintaining depositor confidence and financial system stability.
The apex bank also reiterated its readiness to sustain robust oversight of financial institutions under its supervision, ensuring that Union Bank continues to operate in a safe, sound, and transparent manner.
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