CBN to Review Court Ruling on Union Bank's Stability

The Central Bank of Nigeria (CBN) stated it will review a Federal High Court judgment delivered on March 25, 2026, concerning Union Bank Nigeria PLC. The judgment relates to regulatory actions taken by CBN in January 2024, which included the dissolution of Union Bank's board of management.

CBN's acting director of corporate communications, Hakama Sidi Ali, emphasized that Union Bank remains stable and fully operational, assuring the public of the bank's capability to meet its obligations to customers and stakeholders. The court, presided over by Justice Chukwujekwu Aneke, ruled that CBN acted beyond its powers in dissolving the bank's board and ordered the restoration of the former board.

CBN is currently obtaining a certified true copy of the judgment to carefully examine the ruling and determine its next course of action. The apex bank reiterated its commitment to maintaining financial system stability and providing necessary regulatory oversight.