The Central Bank of Nigeria (CBN) has reacted to a Federal High Court ruling in Lagos concerning its earlier intervention in Union Bank of Nigeria Plc (UBN), reiterating its regulatory authority and assuring the public of the bank’s continued stability.
In a statement issued on Thursday by the Acting Director of Corporate Communications, Mrs Hakama Sidi-Ali, the apex bank confirmed it had taken note of the judgment and was in the process of obtaining the Certified True Copy for thorough examination.
Sidi-Ali stressed that the CBN remains firmly guided by legal principles in carrying out its responsibilities.
“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 that the Union Bank operates in a safe, sound, and stable manner, while maintaining public confidence in the financial system,” she said.
The court judgment, delivered on Wednesday, addressed the CBN’s January 2024 decision to dissolve the board and management of UBN. The court held that the action exceeded the bank’s statutory powers and subsequently nullified it.
