Mkpoikana Udoma
Port Harcourt — The Central Bank of Nigeria, CBN, has reassured stakeholders of the stability of Union Bank of Nigeria Plc following a Federal High Court judgment concerning its regulatory intervention in the bank.
In a statement issued after the court ruling, the apex bank said it is currently reviewing the decision and obtaining the Certified True Copy of the judgment.
The statement was signed by Hakama Sidi Ali, Acting Director of Corporate Communications at CBN.
“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,” the CBN stated.
The regulator emphasized that its actions remain guided by its statutory mandate and due legal process, reiterating its role in safeguarding financial system stability.
“As the apex regulatory authority, the CBN remains committed to acting in accordance with its mandate and established legal processes,” it added.
Crucially, the CBN moved to calm market concerns, confirming that Union Bank’s operational status remains unchanged.
“UBN’s status is unchanged and it remains fully capable of meeting its obligations to customers, depositors, and all stakeholders,” the statement noted.
The central bank further assured that it will continue to provide the necessary oversight to ensure the bank operates in a safe, sound, and stable manner, while maintaining confidence in Nigeria’s financial system.
The statement underscores the regulator’s intent to balance legal compliance with financial system stability, amid ongoing judicial and regulatory developments in the banking sector.
