Juliet Ezeh
The Central Bank of Nigeria has reaffirmed its regulatory authority and moved to calm public concerns following a recent court ruling involving Union Bank of Nigeria Plc.
In a press statement issued on Wednesday, the apex bank acknowledged the judgment delivered by the Federal High Court in Lagos on March 25, 2026, regarding its regulatory intervention in Union Bank in January 2024.
The CBN disclosed that it is currently obtaining the Certified True Copy of the judgment and will conduct a thorough review, stressing its commitment to due process and the rule of law.
Despite the development, the regulator maintained a firm position on financial system stability, assuring depositors and stakeholders that Union Bank remains financially sound and fully operational.
“The status of Union Bank is unchanged. The bank remains capable of meeting all its obligations,” the statement said.
Reinforcing its oversight role, the CBN emphasized that it will continue to monitor and guide the bank’s operations to ensure compliance with regulatory standards and safeguard public confidence in Nigeria’s banking sector.
The development comes amid heightened scrutiny of regulatory actions within the financial system, with analysts noting that the CBN’s swift reassurance is aimed at preventing panic and reinforcing trust in the banking industry.
