The Central Bank of Nigeria (CBN) has reassured the public that Union Bank of Nigeria Plc remains stable and fully operational, despite a Federal High Court ruling that nullified its earlier intervention in the bank’s leadership.
In a statement issued by its Acting Director of Corporate Communications, Mrs Hakama Ali, on Wednesday, the apex bank said Union Bank’s status remains unchanged and that it is capable of meeting all obligations to customers, depositors, and other stakeholders.
The regulator also reaffirmed its commitment to maintaining confidence in Nigeria’s financial system through effective oversight.
The reassurance follows a judgment delivered by the Federal High Court in Lagos, which voided the CBN’s January 2024 decision to dissolve the bank’s board and management. Presiding judge, Justice Chukwujekwu Aneke, ruled that the action fell outside the statutory powers of the apex bank.
The court subsequently set aside all decisions taken by the CBN-appointed board and ordered the immediate restoration of the former board and management. It also restrained the regulator and its representatives from taking further steps regarding the bank’s affairs, including the proposed recapitalisation, pending full compliance with due process.
Responding to the ruling, the CBN said it is in the process of obtaining the Certified True Copy of the judgment and will review it carefully. The bank reiterated its respect for the rule of law and pledged to act in accordance with established legal and regulatory frameworks.
“The Central Bank of Nigeria (CBN) acknowledges the judgment delivered on Wednesday, March 25, 2026, by the Federal High Court in Lagos concerning its regulatory action on Union Bank of Nigeria Plc (UBN) in January 2024.
“The Bank is currently obtaining the Certified True Copy of the judgment and will review it carefully, reaffirming its unwavering commitment to the rule of law. As the apex regulatory authority, the CBN remains committed to acting in accordance with its mandate and established legal processes.
“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 CBN will continue to provide the necessary regulatory oversight to ensure Union Bank operates in a safe, sound, and stable manner, while maintaining public confidence in the financial system,” the statement said.
The dispute originated from the CBN’s intervention in January 2024, when it removed Union Bank’s leadership and appointed a new management team, including Yetunde Oni as managing director. The move was challenged in court by core shareholders, including Titan Trust Bank and other stakeholders, who sought judicial redress.
Despite the legal developments, the CBN maintained that it will continue to provide the necessary regulatory oversight to ensure Union Bank operates in a safe, sound, and stable manner, while safeguarding the interests of depositors and the broader financial system.
Credit: The Sun