Central Bank set to examine ruling, assures Union Bank remains financially sound

The Central Bank of Nigeria has announced that it will be reviewing the Federal High Court in Lagos' judgment regarding Union Bank of Nigeria Plc, while emphasizing that the bank remains stable and operational. This stance was outlined in a press statement released on Wednesday by Hakama Sidi-Ali, the Acting Director of Corporate Communications.

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The judgment in question was delivered on March 25, 2026, and pertains to the Central Bank's regulatory actions taken against Union Bank in January 2024.

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According to the Central Bank, the statement acknowledged the judgment and indicated that the bank is taking steps to carefully examine the ruling before determining its next course of action.

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The bank is currently obtaining a Certified True Copy of the judgment to review it thoroughly, reaffirming its commitment to upholding the law.

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Despite the recent legal development, the Central Bank has stressed that Union Bank's operational status remains unchanged, and it is fully capable of meeting its obligations to customers, depositors, and stakeholders.

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The Central Bank has reiterated its regulatory role in maintaining the stability of the financial system, committing to act in accordance with its mandate and established legal processes.

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As part of its regulatory oversight, the Central Bank will continue to ensure that Union Bank operates in a safe, sound, and stable manner, thereby maintaining public confidence in the financial system.

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The development comes after Justice Chukwujekwu Aneke's ruling, which nullified the Central Bank's decision to dissolve the board and management of Union Bank in January 2024.

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The court ruled that the Central Bank had exceeded its powers and ordered the restoration of the former board and management, while also restraining the Central Bank and its appointed board from taking further actions.

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The suit was initially filed by Union Bank's core shareholders, including Titan Trust Bank, Luxis International, and Magna International.

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In 2024, the Central Bank dissolved the boards and management of Union Bank, Keystone Bank, and Polaris Bank due to alleged regulatory infractions.