CBN Responds to Court Ruling on Union Bank Leadership

The Central Bank of Nigeria (CBN) acknowledged a recent judgment from the Federal High Court in Lagos concerning its regulatory intervention in Union Bank Nigeria PLC. The court ruled that the CBN's earlier dissolution of Union Bank's board was unlawful and ordered the reinstatement of its previous leadership.

In a statement released on Thursday, the CBN indicated that it is in the process of obtaining a certified true copy of the court's ruling and will conduct a detailed review to determine its next course of action. The CBN reaffirmed its commitment to the rule of law and stated that it remains dedicated to carrying out its statutory responsibilities within the established legal framework.

Hakama Sidi Ali, who signed the statement, emphasized that the CBN will continue to act in line with its supervisory mandate over Nigeria's banking sector. The CBN assured the public that Union Bank's status remains unchanged and that it is fully capable of meeting its obligations to customers and stakeholders.