Union Bank status remains unchanged despite the court ruling that nullified the dissolution of its board and management, the Central Bank of Nigeria (CBN) said on Wednesday.
The apex bank was reacting to a judgment of the Federal High Court in Lagos which set aside its January 2024 decision to dissolve the board and management of Union Bank and appoint an interim leadership.
In a statement, the CBN said it had taken note of the ruling and was obtaining the certified true copy of the judgment for review.
“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 statement read.
The CBN in January 2024 dissolved Union Bank’s board and management and appointed Yetunde Oni as managing director and Mannir Ubali Ringim as executive director as part of a regulatory intervention in the institution.
However, the move was challenged in court by the bank’s core shareholders, including Titan Trust Bank, Luxis International and Magna International, who argued that the action was taken without due process.
In its reaction to the judgment, the CBN maintained that it would continue to act within its legal mandate.
“As the apex regulatory authority, the CBN remains committed to acting in accordance with its mandate and established legal processes,” it said.
The bank also reassured customers and stakeholders that Union Bank remains stable.
“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,” the statement added.
It said it would continue to provide oversight to ensure stability in the banking sector.
“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.”
