The Central Bank of Nigeria (CBN) has announced its intention to review a recent Federal High Court ruling that overturned its decision to remove the board and management of Union Bank of Nigeria. The apex bank, however, reiterated its commitment to maintaining regulatory oversight and assured the public of Union Bank's continued stability.

The Federal High Court in Lagos delivered the judgment on Wednesday, March 25, 2026, nullifying the CBN's regulatory action taken in January 2024. The court found that the CBN's decision was beyond its legal authority, an act described as ultra vires, and ordered the reinstatement of the bank's former leadership.

In response to the ruling, the CBN stated that it is in the process of obtaining the Certified True Copy of the judgment for careful review. The bank emphasized its unwavering commitment to the rule of law and its mandate as the apex regulatory authority.

Despite the court's decision, the CBN issued a statement signed by its Acting Director, Corporate Communications, Hakama Sidi Ali, asserting that Union Bank's status remains unchanged. The bank is assured to be fully capable of meeting all its obligations to customers, depositors, and other stakeholders.

The CBN further pledged to continue providing the necessary regulatory oversight to ensure that Union Bank operates in a safe, sound, and stable manner. This assurance aims to maintain public confidence in the Nigerian financial system.

The court's judgment also imposed restrictions on the CBN, its appointees, and agents, preventing them from taking any further steps against Union Bank. This includes actions related to the proposed recapitalisation of the bank or any other related measures.

The CBN's proactive communication following the court ruling underscores its efforts to prevent any potential market concerns and to signal continuity in banking operations, even as the legal review is underway.