Union Bank Assures Stability After CBN MPC Clarifications

Union Bank of Nigeria Plc has reaffirmed its operational stability and commitment to customers following remarks by Central Bank of Nigeria (CBN) Governor Olayemi Cardoso during the 304th Monetary Policy Committee (MPC) press briefing. The statement comes amid ongoing regulatory engagements and heightened media attention on banks under intervention, underscoring Union Bank’s resilient operations and constructive collaboration with the CBN.
Governor Cardoso, speaking to journalists, clarified the regulatory framework governing institutions currently under intervention. He emphasized that these banks operate under differentiated approaches due to their unique operational circumstances, distinct from banks with longer preparation timelines for recapitalisation. These measures are designed to ensure that affected banks meet compliance expectations while maintaining systemic stability and protecting customer deposits.
In response, Union Bank’s Chief Brand and Marketing Officer, Mrs. Olufunmilola Aluko, highlighted that the Governor’s remarks align with the bank’s long-standing communication to stakeholders. She stressed that Union Bank remains a going concern, maintaining robust operational stability, a strong franchise, and consistent service delivery across all customer channels.
“The Governor’s remarks reinforce what has consistently been our position in all engagements with stakeholders. Union Bank remains under strong regulatory oversight and active supervisory engagement. The Bank is a going concern with a resilient franchise, stable operations, and uninterrupted service delivery across all channels,” Mrs. Aluko said.
She further reassured customers that all deposits are safe and secure.
“We have maintained, and continue to maintain, that all customer deposits are safe and secure. That position has not changed. The Bank continues to operate within the established regulatory framework, working transparently and constructively with the Central Bank of Nigeria towards full compliance in line with the applicable structure,” she added.
Strategic Engagement with the CBN
Union Bank continues to collaborate with the CBN as part of a system-wide recapitalisation programme aimed at strengthening Nigeria’s banking sector. The bank’s strategy emphasizes three key priorities:
Customer Protection: Ensuring the safety and security of deposits, maintaining uninterrupted service, and upholding stakeholder confidence.
Operational Stability: Sustaining robust operations and resilience across all service channels.
Regulatory Compliance: Actively engaging with the CBN to meet all applicable standards while contributing to systemic stability in Nigeria’s banking industry.
The bank also reaffirmed its commitment to transparent communication, pledging to provide timely updates as regulatory engagements progress. Union Bank’s proactive approach aligns with global best practices in corporate governance, particularly in navigating complex financial oversight and intervention scenarios.
Context: Banking Sector Oversight in Nigeria
Nigeria’s banking sector periodically undergoes interventions to safeguard financial stability, protect depositors, and strengthen capital adequacy. Regulatory actions, including targeted oversight, recapitalisation, and intervention frameworks, are tools used by the CBN to ensure that banks meet prudential standards while addressing operational challenges.
Union Bank’s statement illustrates how financial institutions can leverage regulatory guidance to reinforce confidence, sustain operational continuity, and maintain stakeholder trust.
Looking Ahead
As Nigeria’s banking sector continues to evolve, Union Bank’s messaging underscores the importance of transparency, accountability, and proactive stakeholder engagement. By reaffirming its commitment to stable operations, deposit security, and full regulatory compliance, the bank positions itself as a reliable partner for customers, investors, and regulators alike.
Union Bank remains focused on contributing to the growth and stability of Nigeria’s financial system while maintaining its resilient franchise. Customers can continue to access banking services without disruption, confident in the bank’s operational integrity and regulatory compliance.:
Union Bank of Nigeria assures stakeholders of stable operations, secure deposits, and regulatory compliance after CBN Governor Olayemi Cardoso clarifies intervention frameworks at the 304th MPC briefing.