Union Bank of Nigeria has reaffirmed its firm stance amid ongoing regulatory engagements, following media enquiries at the 304th Monetary Policy Committee (MPC) press briefing of the Central Bank of Nigeria.
The clarification comes after the CBN Governor, Olayemi Cardoso, addressed questions regarding the regulatory framework guiding institutions currently under intervention, particularly within the context of the ongoing banking sector recapitalisation.
Speaking at the briefing, Cardoso explained that banks under regulatory oversight operate within distinct structural and supervisory conditions that require a tailored regulatory approach.
He noted that such institutions cannot be assessed on the same footing as banks that have had a longer runway to prepare for recapitalisation, given the complexities and legacy issues associated with intervention frameworks.
The Governor’s remarks were in direct response to journalists’ enquiries seeking clarity on the operational and compliance status of affected institutions.
Union Bank’s Chief Brand and Marketing Officer, Mrs Olufunmilola Aluko, explained that the CBN Governor’s remarks align with Union Bank’s consistent messaging to stakeholders.
She reiterated that Union Bank remains a going concern with stable operations, resilient franchise and uninterrupted service delivery.
“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.
“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.”
The bank said in a statement that it is working constructively with the Central Bank towards full compliance, as part of a system-wide recapitalisation programme aimed at strengthening Nigeria’s banking sector.
It further adds that it will provide updates as regulatory engagements progress while maintaining its commitment to customer protection, financial stability and service continuity.
