The Central Bank of Nigeria (CBN) says it is set to review the Federal High Court judgement on its 2024 intervention in Union Bank of Nigeria Plc, signalling possible next steps after the ruling.
In a statement issued Wednesday and signed by its acting director of corporate communications, Hakama Sidi Ali, the apex bank said it is currently obtaining the Certified True Copy of the judgement delivered on March 25, 2026, in Lagos.
“The Bank is currently obtaining the Certified True Copy of the judgement and will review it carefully, reaffirming its unwavering commitment to the rule of law,” the CBN said.
The regulator stressed that any action taken would align with its statutory mandate and due process.
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“As the apex regulatory authority, the CBN remains committed to acting in accordance with its mandate and established legal processes,” it added.
Despite the court decision, the CBN sought to reassure the public about the lender’s stability, stating, “UBN’s status is unchanged, and it remains fully capable of meeting its obligations to customers, depositors, and all stakeholders.”
It also pledged continued oversight, noting it would “ensure Union Bank operates in a safe, sound, and stable manner” while maintaining confidence in the financial system.
Pinnacle Daily can report that the judgement relates to the CBN’s January 2024 dissolution of the boards and management of Union Bank and two other lenders over regulatory breaches.
At the time, the CBN said the move was necessary due to violations of provisions of the Banks and Other Financial Institutions Act, 2020, citing “regulatory non-compliance, corporate governance failure, disregard for licensing conditions, and involvement in activities threatening financial stability”.
Alex is a business journalist cum data enthusiast with the Pinnacle Daily. He can be reached via ealex@thepinnacleng.com, @ehime_alex on X
