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Customer Priority: Nigerian Bank Communicates with Customers after CBN Sacks All Its Directors



In the wake of the Central Bank of Nigeria’s (CBN) sweeping decision to remove the entire Board of Directors overseeing Polaris, Union, and Keystone Banks, Union Bank has stepped forward to reassure its customers about the security of their funds.

The CBN’s bold move on January 10, 2023, came after the recommendation of Special Investigator Jim Obazee, appointed by President Bola Tinubu, tasked with scrutinizing CBN activities during former Governor Godwin Emefiele’s tenure and other relevant agencies.

In a statement signed by Sidi Hakama, the CBN’s spokesperson, the affected banks were accused of regulatory non-compliance and corporate governance failure. The CBN justified its actions, citing violations of the Banks and Other Financial Institutions Act, 2020.

As part of the restructuring, the apex bank appointed new executives, with Yetunde Oni taking the helm as the new managing director/chief executive officer of Union Bank.

Union Bank, founded 106 years ago, was quick to address its customers, assuring them of the safety of their funds in the midst of these changes. In a heartfelt message, the bank stated, “Your funds are safe with us! Dear Customer, as you may already know, CBN, in its efforts to ensure a stable and effective banking sector, has dissolved the Board of Union Bank of Nigeria and appointed new executives to oversee its operations.”

The message continued, “We want to assure you that your accounts and funds are safe with the bank. Union Bank remains committed to serving our valued customers, and your financial well-being is our priority.”

Emphasizing their dedication to transparency, integrity, and customer satisfaction, the statement conveyed gratitude for customers’ patronage and extended an invitation for any questions or concerns via email.

As Union Bank navigates this pivotal moment in its long history, the commitment to its customers remains unwavering, echoing its steadfast service for over a century.”