Union Bank Reaffirms Stability After Cardoso’s Clarification at CBN MPC Briefing

Union Bank Reaffirms Stability After Cardoso’s Clarification at CBN MPC Briefing

Union Bank of Nigeria has reassured customers and stakeholders of its operational stability 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 clarification comes amid media reports referencing the Governor’s comments on institutions currently under regulatory intervention and the structural considerations shaping Nigeria’s ongoing banking sector re capitalisation programme.

Addressing journalists at the MPC briefing, Cardoso explained that banks under regulatory oversight are subject to unique conditions requiring a differentiated recapitalisation approach, distinct from institutions that have had a longer runway to meet new capital requirements.

Reacting to the development, Union Bank’s Chief Brand and Marketing Officer, Mrs. Olufunmilola Aluko, said the Governor’s remarks are consistent with the bank’s longstanding 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,” Aluko stated.

She further emphasized that customer deposits remain safe and secure, stressing that the bank continues to operate within the established regulatory framework while engaging transparently and constructively with the CBN.

“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.

Union Bank noted that it remains committed to full compliance under the system-wide recapitalisation programme introduced to strengthen the Nigerian banking sector. The bank also pledged to provide updates as regulatory engagements progress, while maintaining its focus on customer protection, financial stability and uninterrupted service delivery.