The Central Bank of Nigeria (CBN) has reaffirmed its regulatory power of oversight over the banking and financial sector of the nation’s economy, while reacting to the court judgment delivered in favour of the majority shareholders of the Union Bank of Nigeria.
The apex bank in a statement acknowledged the judgment delivered on Wednesday, March 25, 2026, by the Federal High Court, Lagos, concerning its regulatory action against the Union Bank of Nigeria in January 2024.
The CBN revealed that it iis currently obtaining the certified true copy of the judgment, and will review it carefully, just as it reaffirmed its unwavering commitment to the rule of law.
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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 stated.
It assured the that the status of Union Bank is unchanged and that it remains fully capable of meeting its obligations to customers, depositors, and all stakeholders.
Accordingly, the CBN said it will 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
