The Central Bank of Nigeria (CBN) has acknowledged the judgment delivered on Wednesday by the Federal High Court in Lagos regarding its regulatory action on Union Bank of Nigeria Plc (UBN) in January 2024.
The apex bank said it is currently obtaining the Certified True Copy of the judgment for careful review, reiterating its unwavering commitment to the rule of law.
The CBN stressed that, as the country’s regulatory authority, it will continue to act in line with its statutory mandate and established legal processes.
In a statement signed by its Acting Director of Corporate Communications, Hakama Sidi-Ali, the bank assured the public that Union Bank’s status remains unchanged and that the institution is fully capable of meeting its obligations to customers, depositors, and other stakeholders.
According to the statement, the CBN will maintain the necessary regulatory oversight to ensure that Union Bank operates in a safe, sound, and stable manner while sustaining public confidence in the financial system.