The Central Bank of Nigeria has moved to reassure the public regarding the stability of Union Bank Plc following a recent legal development. In a statement released late Wednesday night, the apex bank addressed a Federal High Court ruling in Lagos concerning the 2024 removal of the bank’s board, emphasizing that the financial institution remains on solid ground.
The judgment, delivered on March 25, 2026, revisited the regulatory actions taken against Union Bank back in January 2024. The CBN is currently in the process of securing a Certified True Copy of the court’s decision. Officials noted that once the document is received, a thorough review will be conducted to determine the next steps, while maintaining a firm commitment to the rule of law and established legal processes.
Despite the courtroom back-and-forth, the CBN has made it clear that the day-to-day operations at Union Bank are unaffected. Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, confirmed that the bank’s status remains unchanged. She highlighted that the institution is fully capable of meeting its financial obligations to its depositors, customers, and all relevant stakeholders.
For many Nigerians, the primary concern during such legal disputes is the safety of their funds. To this end, the regulator has pledged to continue its oversight to ensure the bank operates in a safe and sound manner. The goal remains to protect public confidence in the broader financial system while the legalities of the board’s removal are ironed out.
Ultimately, the message from the apex bank is one of continuity. While the legal team parses through the specifics of the High Court’s ruling, the banking public is being urged to go about their business as usual. The CBN maintains that its mandate to ensure a stable financial environment remains the top priority throughout this process.
