The Central Bank of Nigeria (CBN) has announced plans to review a recent court judgment involving Union Bank of Nigeria Plc, while reassuring the public that the financial institution remains stable and fully operational.
In a statement issued on Wednesday by the Acting Director of Corporate Communications, Hakama Sidi Ali, the apex bank confirmed that the ruling was delivered by the Federal High Court in Lagos on March 25, 2026. The judgment relates to regulatory actions taken by the CBN against Union Bank in January 2024.
According to the CBN, it is currently taking steps to obtain the Certified True Copy of the judgment and will conduct a detailed review before determining its next course of action. The bank reaffirmed its commitment to due process and adherence to the rule of law.
Despite the legal development, the apex regulator emphasised that there has been no change in Union Bank’s operational status. It assured customers, depositors, and stakeholders that the bank remains financially sound and capable of meeting all its obligations.
The CBN also reiterated its statutory role in safeguarding the stability of Nigeria’s financial system, noting that it will continue to provide the necessary regulatory oversight to ensure Union Bank operates in a safe and stable manner, while maintaining public confidence in the banking sector.
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