Nigerian Bank Sends Message to Customers on Deposits As CBN Sacks All Its Directors

Nigerian Bank Sends Message to Customers on Deposits As CBN Sacks All Its Directors

  • Union Bank has reassured customers not to worry about the safety of funds in their accounts
  • The message followed the decision by the CBN to sack all board of directors in a major shakeup in the banking industry
  • A new team of directors has also been appointed for Union Bank, and two others linked to former CBN governor Godwin Emefiele journalist Dave Ibemere has over a decade of experience covering Tech, Energy, Stocks, Investments, and Economy.

Union Bank has sent a clear message to customers about the funds in their bank accounts amid ongoing management reshuffling by the Central Bank of Nigeria (CBN).

Union Bank funds safe
Union Bank assures customers funds are safe Photo credit: Benson Ibeabuchi
Source: Getty Images had reported that the CBN, on Wednesday, January 10, 2023, sacked the entire board of directors governing Polaris, Union, and Keystone Banks.

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The action followed the recommendation of the special investigator, Jim Obazee, appointed by President Bola Tinubu.

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Obazee is tasked to look into the CBN's activities during the Godwin Emefiele tenure and other relevant agencies.

CBN sacks all directors

In its statement signed by Sidi Hakama, its spokesperson, the CBN accused the affected banks of regulatory non-compliance and corporate governance failure, among others.

Part of the statement reads:

“This action became necessary due to the non-compliance of these banks and their respective boards with the provisions of Section 12(c), (f, (g), th) of Banks and Other Financial institutions Act, 2020."

Following its decision, the apex bank appointed new executives, with Yetunde Oni as the new managing director/chief executive officer of Union Bank.

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Union Bank message to customers

The changes by the CBN caught Nigerians' attention and forced the 106-year-old bank to send a reassuring message.

The message seen by reads:

"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.
"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.
"Your trust in Union Bank is important to us, and we will continue to operate with the same dedication to transparency, integrity, and customer satisfaction with which we have served our customers for 106 years.
"If you have questions or concerns, kindly email. We thank you for your patronage and look forward to serving you for many years."

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Access, GTB, UBA others to debit customers' bank accounts for FG

Earlier, also reported that the federal government instructed all Nigerian banks to debit customers with domiciliary accounts.

The debit is for old foreign currency transactions carried out between 2021 and 2023 by customers and will be remitted to the government.

Access Bank, GTB, UBA, Zenith, and other commercial banks have sent messages to customers to expect the debits.

In a notice titled 'Important Notice: Electronic Money Transfer Levy Deductions Begin on Foreign Currency Transactions,' the First Bank of Nigeria announced that deductions would start promptly and be forwarded to the FIRS.


Dave Ibemere avatar

Dave Ibemere (Senior Business Editor) Dave Ibemere is a senior business editor at He is a financial journalist with over a decade of experience in print and online media. He also holds a Master's degree from the University of Lagos. He is a member of the African Academy for Open-Source Investigation (AAOSI), the Nigerian Institute of Public Relations and other media think tank groups. He previously worked with The Guardian, BusinessDay, and headed the business desk at Ripples Nigeria. Email: