CBN reaffirms oversight over Union Bank
By Our Reporter The Central Bank of Nigeria (CBN), yesterday acknowledged the judgment delivered by the Federal High Court in Lagos concerning its regulatory action on Union Bank of Nigeria
By Our Reporter
The Central Bank of Nigeria (CBN), yesterday acknowledged the judgment delivered by the Federal High Court in Lagos concerning its regulatory action on Union Bank of Nigeria Plc (UBN) in January 2024.
In a statement, the CBN’s Acting Director, Corporate Communications Department, Mrs. Hakama Sidi Ali, said the Bank is currently obtaining the Certified True Copy (CTC) of the judgment and will review it carefully, reaffirming its unwavering commitment to the rule of law.
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She said as the apex regulatory authority, the CBN remains committed to acting in accordance with its mandate and established legal processes. The CBN assured the public that UBN’s status is unchanged and that it remains fully capable of meeting its obligations to customers, depositors and all stakeholders.
She added that 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.
