CBN has reacted to court judgment on Union Bank intervention and said the bank’s operations remain stable.
NewsOnline Nigeria reports that the Central Bank of Nigeria has acknowledged the recent judgment of the Federal High Court in Lagos concerning its regulatory intervention in Union Bank of Nigeria Plc in 2024.
In a statement released on Thursday, the apex bank said it is currently in the process of obtaining the Certified True Copy of the court’s ruling and will conduct a detailed review before determining its next course of action.
Reaffirming its commitment to the rule of law, the CBN stated that it remains dedicated to carrying out its statutory responsibilities within the framework of established legal processes.
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The statement, signed by Hakama Sidi Ali, stressed that the regulator will continue to act in line with its mandate as the supervisory authority for Nigeria’s banking sector.
“The CBN assures 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 statement read in part.
The apex bank also reassured the public that it would maintain regulatory oversight to ensure the bank continues to operate in a safe and stable manner.
According to the statement, the central bank remains focused on safeguarding financial system stability and maintaining public confidence in the country’s banking industry.
The reaction follows a Federal High Court ruling in Lagos which declared the CBN’s earlier dissolution of Union Bank’s board and management unlawful, ordering the reinstatement of the previous leadership.
