THUR MAR 26 2026-theGBJournal| The Central Bank of Nigeria (CBN) has reassured customers and stakeholders following a court ruling Wednesday in Lagos concerning its regulatory action on Union Bank of Nigeria Plc (UBN) on January 2024, emphasizing that the bank remains sound and fully operational.
More importantly, the CBN assured 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 court had ruled, following the CBN’s January 2024 decision to sack the Board and management of the bank, that the actions were ultra vires and not in compliance with the provisions of the Bank and Other Financial Institutions Act 2020 (BOFIA).
The CBN said it 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 apex bank adds.
The apex regulator reiterated its commitment to 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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