Juliet Ezeh
The Central Bank of Nigeria has reaffirmed its regulatory authority and sought to reassure the public following a recent court ruling involving Union Bank of Nigeria Plc.
In a statement released on Wednesday, the apex bank acknowledged the judgment delivered by the Federal High Court in Lagos on March 25, 2026, which relates to its regulatory action on Union Bank in January 2024.
The CBN stated that it is in the process of obtaining the Certified True Copy of the judgment and will review it in detail, reiterating its commitment to due process and adherence to the rule of law.
Amid concerns that may arise from the ruling, the regulator maintained that the financial position of Union Bank remains strong, assuring customers, depositors, and stakeholders of the bank’s continued stability.
According to the CBN, there has been no change in the bank’s status, emphasizing that it remains fully capable of meeting its financial obligations.
The apex bank further stressed that it will sustain its regulatory oversight to ensure that Union Bank continues to operate in line with established standards, while preserving confidence in the nation’s banking system.
The development comes at a time of increased attention on regulatory decisions within the financial sector, with analysts suggesting that the CBN’s prompt response is aimed at maintaining stability and preventing uncertainty in the market.
Juliet Ezeh is the founder and chief reporter at Westbridge Reporters with over 7 years of experience in journalism. She covers crime, industry, policy, and social developments, delivering timely and accurate reporting.