Union Bank of Nigeria has reaffirmed its steadfast position in the ongoing regulatory engagements in response to recent media queries at the Central Bank of Nigeria’s (CBN) 304th Monetary Policy Committee (MPC) press briefing.
The bank’s affirmation comes in the wake of CBN Governor, Dr. Olayemi Cardoso’s clarification on the regulatory framework governing institutions under intervention while speaking on the complexities and structural considerations influencing the recapitalisation timeline.
According to him, institutions under regulatory oversight are subject to unique circumstances that necessitate a differentiated approach, distinct from those institutions that have had an extended period to prepare for recapitalisation. This clarification was made in direct response to queries raised by journalists seeking insight into the operational status of banks under intervention.
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.
She said: ‘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 it is working constructively with the CBN towards full compliance, as part of a system-wide recapitalisation programme aimed at strengthening Nigeria’s banking sector. ‘Union Bank will provide updates as regulatory engagements progress while maintaining its commitment to customer protection, financial stability and service continuity’, its statement added.
