The Central Bank of Nigeria (CBN) has acknowledged the judgment delivered on Wednesday by the Federal High Court in Lagos concerning its regulatory action on Union Bank of Nigeria Plc (UBN) in January 2024.
The apex bank, in a statement signed by its Acting Director, Corporate Communications, Mrs. Hakama Sidi Ali, indicated that it was working to obtain the Certified True Copy of the judgment and to review it, reaffirming its commitment to the rule of law.
The statement partly reads: “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.
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“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”, the apex bank assured.
It would be recalled that earlier on Wednesday, a Federal High Court in Lagos set aside the January 2024 dissolution of the board and management of Union Bank of Nigeria by the apex bank, declaring the action as ultra vires.
Justice Chukwujekwu Aneke in the judgment nullified all decisions taken by the CBN-appointed board and ordered the immediate reinstatement of the bank’s former board and management.
