CBN to review court judgement, says Union Bank stable

The Central Bank of Nigeria has said it will review the judgment of the Federal High Court in Lagos involving Union Bank of Nigeria Plc, while insisting that the bank remains stable and fully operational.

The position was contained in a press statement issued on Wednesday by the Acting Director of Corporate Communications, Hakama Sidi-Ali.

According to the apex bank, the judgment was delivered on March 25, 2026, in relation to its regulatory action on Union Bank in January 2024.

The statement read, “The Central Bank of Nigeria acknowledges the judgment delivered on Wednesday, March 25, 2026, by the Federal High Court in Lagos concerning its regulatory action on Union Bank of Nigeria Plc in January 2024.”

It added that the bank was taking steps to properly examine the ruling before deciding its next course of action.

“The Bank is currently obtaining the Certified True Copy of the judgment and will review it carefully, reaffirming its unwavering commitment to the rule of law,” it stated.

Despite the legal development, the CBN stressed that there was no change to Union Bank’s operational status.

“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 statement added.

The apex bank also reiterated its regulatory role in maintaining financial system stability.

“As the apex regulatory authority, the CBN remains committed to acting in accordance with its mandate and established legal processes,” it said, adding that it would “continue to provide the necessary regulatory oversight to ensure Union Bank operates in a safe, sound, and stable manner, while maintaining public confidence in the financial system.”

The development follows a ruling by Justice Chukwujekwu Aneke, who nullified the CBN’s dissolution of the board and management of Union Bank in January 2024.

The court held that the apex bank acted beyond its powers and ordered that the former board and management be restored, while also restraining the CBN and its appointed board from taking further steps, including recapitalisation actions.

The suit was instituted by the bank’s core shareholders, including Titan Trust Bank, Luxis International, and Magna International.

In 2024, the CBN dissolved the boards and management of Union Bank, Keystone Bank, and Polaris Bank over alleged regulatory infractions.