Last mentioned: Mar 26, 2026
Legal Review
CBN begins a formal review of the judgment's Certified True Copy to determine regulatory next steps.
Court Judgment
Federal High Court in Lagos delivers a ruling on the legality of the CBN's regulatory intervention.
CBN Reassurance
CBN issues a statement affirming Union Bank's stability and commitment to the rule of law.
Court Judgment
Federal High Court in Lagos delivers a ruling concerning the legality of the 2024 regulatory actions.
CBN Reassurance
The apex bank issues an official statement reaffirming Union Bank's stability and operational status.
Capital Milestone Announced
CBN confirms N4.61tn has been raised, highlighting strong foreign investor participation.
Recapitalization Milestone
Reports confirm 30 banks have successfully met the CBN's new capital thresholds.
Borno Security Breach
Boko Haram/ISWAP launch a deadly attack in Borno State, prompting a national security response.
Presidential Military Order
President Tinubu directs the military to intensify operations against insurgents in the North-East.
Recapitalisation Launch
CBN introduces the Banking Sector Recapitalisation Programme to boost bank resilience.
Board Dissolution
CBN dissolves the boards of Union Bank, Keystone Bank, and Polaris Bank citing non-compliance.
Regulatory Intervention
CBN dissolves the board and management of Union Bank citing governance and compliance failures.
Macroeconomic Reform Phase
Banks navigate fuel subsidy removals and exchange rate liberalization.
The Central Bank of Nigeria has issued a strong statement of support for Union Bank of Nigeria Plc following a judgment by the Federal High Court in Lagos. Despite legal proceedings regarding 2024 regulatory actions, the apex bank maintains that Union Bank remains sound and fully capable of meeting its obligations.
The Central Bank of Nigeria (CBN) has moved to reassure stakeholders of Union Bank of Nigeria’s operational stability following a Federal High Court judgment in Lagos. The ruling pertains to the apex bank's January 2024 regulatory interventions, with the CBN pledging to maintain oversight while reviewing the court's specific findings.
The Central Bank of Nigeria has announced that domestic banks successfully attracted N4.61 trillion in fresh capital following the 2024 recapitalization mandate. This influx, which includes a 27% contribution from foreign investors, marks a significant milestone in Governor Olayemi Cardoso's efforts to bolster financial stability and end regulatory forbearance.
Nigeria's financial landscape is witnessing a dual-track development as 30 banks successfully meet the Central Bank's new recapitalization requirements while President Tinubu orders a military surge to counter insurgent attacks in Borno State.