Despite Court Ruling, CBN Reaffirms Oversight, Assures Stability of  Union Bank

The Central Bank of Nigeria (CBN) has assured its oversight function and stability of the Union Bank of Nigeria Plc (UBN).

This is even as it acknowledged 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 (UBN) in January 2024.

In a statement in reaction to the court ruling overturning the apex bank’s decision of January 2024, the CBN Ag. Director, Corporate Communications, Hakama Sidi Ali (Mrs.) said  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 would be recalled that on Wednesday, Justice Chukwujekwu Aneke of the Federal High Court in Lagos reinstated the Union Bank Board and ruled that the Central Bank of Nigeria acted outside its statutory powers in dissolving the board and management of the bank, declaring the January 2024 intervention unlawful.

Justice Aneke ruled in Suit No. FHC/L/MISC/1377/2025,  that the apex bank’s actions were ultra vires and inconsistent with the provisions of the Banks and Other Financial Institutions Act 2020.

However Sidi Ali assured that “As the apex regulatory authority, the CBN remains committed to acting in accordance with its mandate and established legal processes.

“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 CBN 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.”