Union Bank of Nigeria has reaffirmed its operational stability and regulatory compliance following remarks by the Governor of the Central Bank of Nigeria, CBN, Olayemi Cardoso, at the 304th Monetary Policy Committee, MPC press briefing.
The bank’s statement comes amid media queries raised during the briefing concerning institutions currently under regulatory intervention and their recapitalisation timelines.
Addressing journalists, Cardoso clarified that institutions under regulatory oversight operate within unique structural and supervisory frameworks, which require a differentiated approach compared to banks that have had an extended period to prepare for recapitalisation.
His remarks were made in response to questions regarding the operational status of affected banks.
In reaction, Union Bank’s Chief Brand and Marketing Officer, Mrs. Olufunmilola Aluko, said the Governor’s clarification aligns with the bank’s consistent communication to stakeholders.
“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,” she said.
Aluko further assured customers that all deposits remain safe and secure, stressing that the bank continues to operate within the established regulatory framework while working transparently and constructively with the CBN towards full compliance under the applicable structure.
Union Bank noted that its engagement with the apex bank forms part of the broader system-wide recapitalisation programme aimed at strengthening Nigeria’s banking sector.
The lender added that it would continue to provide updates as regulatory discussions progress, maintaining its commitment to customer protection, financial stability and uninterrupted service delivery.
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