CBN TO REVIEW COURT RULING ON UNION BANK, SAYS LENDER REMAINS STABLE
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By Aishat Momoh. O.
The Central Bank of Nigeria (CBN) has said it will review the judgment of the Federal High Court in Lagos concerning Union Bank of Nigeria Plc, while assuring that the bank remains stable and fully operational.
In a statement issued on Wednesday, the Acting Director of Corporate Communications, Hakama Sidi-Ali, said the apex bank acknowledged the ruling delivered on March 25, 2026, relating to its regulatory action on Union Bank in January 2024.
According to the CBN, it is in the process of obtaining the Certified True Copy of the judgment and will carefully review the decision before determining its next line of action. It reaffirmed its commitment to due process and the rule of law.
Despite the development, the regulator stressed that there is no change to the bank’s operational status. It assured customers, depositors, and stakeholders that Union Bank remains capable of meeting all its financial obligations.
The apex bank also reiterated its mandate to safeguard the stability of Nigeria’s financial system, adding that it would continue to provide oversight to ensure the bank operates in a safe and sound manner.
The ruling, delivered by Justice Chukwujekwu Aneke, nullified the CBN’s dissolution of Union Bank’s board and management in January 2024. The court held that the regulator acted beyond its powers and ordered the reinstatement of the bank’s former leadership, while restraining the CBN from further actions, including recapitalisation measures.
The suit was filed by the bank’s core shareholders, including Titan Trust Bank, Luxis International, and Magna International.
In 2024, the CBN had dissolved the boards and management of Union Bank, Keystone Bank, and Polaris Bank over alleged regulatory infractions as part of efforts to strengthen oversight in the banking sector.
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