Kate Roland

Nigeria’s financial system remains stable, with the Central Bank of Nigeria reaffirming its regulatory oversight of Union Bank of Nigeria Plc following a recent court ruling in Lagos.

In a statement issued after the judgment delivered on March 25, 2026, by the Federal High Court, the apex bank acknowledged the decision concerning its regulatory action on Union Bank in January 2024. It noted that it is in the process of obtaining the Certified True Copy of the judgment for a detailed review.

The central bank emphasized its continued commitment to due process and the rule of law, stating that all its actions are guided by its statutory mandate and established legal frameworks.

Amid concerns that may arise from the ruling, the CBN moved to reassure customers, depositors, and stakeholders that Union Bank remains financially sound and fully operational. According to the regulator, the bank’s status has not changed and it continues to meet its obligations without disruption.

The apex bank further stressed that it will maintain close supervisory oversight to ensure that Union Bank operates in a safe and stable manner, in line with prudential standards. This, it said, is essential to sustaining confidence in Nigeria’s banking sector.

The statement, signed by Hakama Sidi Ali, Acting Director of Corporate Communications, underscores the regulator’s resolve to safeguard the integrity of the financial system while adhering to legal and institutional processes.

Analysts note that such reassurances are crucial in maintaining public trust, particularly in periods following judicial pronouncements involving major financial institutions.