The Central Bank of Nigeria (CBN) says it acknowledges the judgment delivered on Wednesday, March 25, 2026, by the Federal High Court in Lagos concerning its regulatory action on Union Bank of Nigeria Plc (UBN) in January 2024.
However, the apex bank, in a statement by its Ag. Director, Corporate Communications, Hakama Sidi Ali, said it is currently obtaining the Certified True Copy of the judgment and would review it carefully, reaffirming its unwavering commitment to the rule of law.
Recall that the CBN dissolved the board and management of the Union Bank in January 2024 and appointed Yetunde Oni, a seasoned professional with over 25 years of experience in the banking sector to lead the bank.
She took over from Mudassir Amray as the Managing Director/CEO of the bank.
The CBN explained that the regulatory action was due to the banks’ alleged non-compliance with regulatory requirements and corporate governance failures, as outlined in the Banks and Other Financial Institutions Act, 2020 (BOFIA).
However, in a ruling today in Lagos, the Federal High Court nullified the January 2024 dissolution of the board and management of Union Bank of Nigeria by the CBN. The court ruled that the CBN acted beyond its powers, reversing the takeover, and restoring the core shareholders.
Nevertheless, CBN said as the apex regulatory authority, it remains committed to acting in accordance with its mandate and established legal processes.
It assures the public that Union Bank’s status is unchanged and that it remains fully capable of meeting its obligations to customers, depositors, and all stakeholders.
The CBN said it would 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.
