(DDM) – The Central Bank of Nigeria (CBN) has assured Nigerians that Union Bank of Nigeria Plc remains stable and fully operational despite recent legal developments.
The assurance followed a judgment delivered by the Federal High Court in Lagos concerning the apex bank’s regulatory action against Union Bank in January 2024.
In a statement issued late Wednesday night, the CBN acknowledged the court’s decision and said it is taking steps to review the ruling in detail.
The statement was signed by the Acting Director of Corporate Communications, Hakama Sidi-Ali.
According to the apex bank, it is currently obtaining the Certified True Copy of the judgment to enable a comprehensive assessment.
The CBN reaffirmed its commitment to the rule of law, noting that it would act in line with established legal processes.
Despite the court ruling, the regulator maintained that there has been no change in the operational status of Union Bank.
It emphasised that the financial institution remains capable of meeting all its obligations to customers, depositors, and stakeholders.
The apex bank also reiterated its role in ensuring the stability of Nigeria’s financial system through effective regulatory oversight.
It stated that Union Bank would continue to operate in a safe and sound manner under its supervision.
The development comes amid public concerns following the court’s decision regarding the dissolution of the bank’s board and management.
Financial analysts say such reassurances are critical in maintaining confidence in the banking sector.
They note that uncertainty around financial institutions can trigger panic among depositors if not properly addressed.
The CBN’s statement is therefore seen as a move to calm fears and prevent any potential disruption in banking operations.
Observers also highlight the importance of regulatory clarity in handling disputes involving major financial institutions.
The apex bank stressed that it would continue to monitor the situation and take necessary actions in line with its mandate.
The case underscores the interplay between regulatory authority and judicial oversight in Nigeria’s financial sector.
Stakeholders are expected to closely watch further developments as the CBN completes its review of the court judgment.
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