The Central Bank of Nigeria (CBN) has assured depositors of the stability of Union Bank and safety of their deposits.
This is just as it said it will review the court judgment nullifying its regulatory action on the bank.
On Wednesday, a Federal High Court sitting in Lagos ruled that the CBN acted beyond its powers when it sacked the board and management of Union Bank of Nigeria in January 2024.
Delivering judgement, Justice Chukwujekwu Aneke, quashed all the decisions and steps taken by the CBN-appointed board and ordered that the former board, led by Farouk Mohammed Gumel, and management be restored immediately.
The court also barred the CBN and its appointed board and their agents from taking any step or continuing any steps towards recapitalisation or any other related act.
Reacting to the development in a statement, the CBN acknowledged the ruling, but noted that Union Bank of Nigeria’s status remains unchanged.
The CBN assured that it 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.
