Nigeria’s central bank says it remains committed to maintaining financial stability following a recent court judgment involving Union Bank of Nigeria Plc.
In a statement signed by Hakama Sidi Ali, the bank’s acting director of corporate communications on Wednesday acknowledged the ruling delivered by the Federal High Court in Lagos concerning regulatory action it took against the bank in January 2024.
The regulator said it is in the process of obtaining the Certified True Copy of the judgment and will review it thoroughly, stressing its commitment to due process and the rule of law.
The CBN also sought to reassure customers and stakeholders, stating that Union Bank’s operational status remains unchanged and that the lender is able to meet all its financial obligations.
It added that it would continue to provide oversight to ensure the bank operates in a “safe, sound and stable manner,” while maintaining public confidence in Nigeria’s financial system.
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