he Central Bank of Nigeria has reassured stakeholders of the stability of Union Bank of Nigeria Plc following a recent Federal High Court judgment in Lagos concerning its earlier regulatory intervention in the bank.
In an official press statement on Thursday, the apex bank acknowledged the court’s decision and confirmed that it is in the process of obtaining the Certified True Copy of the judgment for a comprehensive review.
“The Bank is currently obtaining the Certified True Copy of the judgment and will review it carefully,” the CBN stated, reaffirming “its unwavering commitment to the rule of law.”
The development follows a ruling delivered on Wednesday by the Federal High Court in Lagos, which addressed the central bank’s regulatory action on Union Bank dating back to January 2024. While the specifics of the judgment are still under review, the CBN moved swiftly to calm concerns within the financial system.
The apex bank emphasised that, despite the court’s decision, Union Bank remains financially sound and fully operational. It assured customers, depositors, and investors that the bank’s status is unchanged and that it continues to meet all its obligations.
“As the apex regulatory authority, the CBN remains committed to acting in accordance with its mandate and established legal processes,” the statement noted.
The central bank’s intervention appears aimed at preventing potential panic in the banking sector, particularly given Union Bank’s systemic importance within Nigeria’s financial ecosystem. Analysts note that regulatory clarity and swift communication are critical in maintaining confidence, especially in the wake of court rulings that could affect institutional governance.
The reassurance also comes amid a broader push by the CBN to strengthen oversight, enforce compliance, and maintain stability across the banking industry. Recent policy measures—including stricter credit controls and enhanced supervisory frameworks—underscore the regulator’s focus on safeguarding the financial system.
