A text message purportedly stating that Union Bank of Nigeria would shut down operations effective from January 19, 2024 went viral last week.
The message claimed that the bank was directed by the Central Bank of Nigeria (CBN) to cease operations.
This text allegedly sent to Union bank customers went viral last week. The claim that the bank was shutting down operations as directed by CBN came at the time when the apex was in the process of acquiring Union Bank for the federal government. Recall that the investigations into ex-CBN governor revealed that he had allegedly acquired Union Bank of Nigeria and Keystone Bank through several proxies from “ill-gotten wealth” and “without evidence of payment.”
Also, there are ongoing concerns about the sustainability of traditional banks which has made the CBN consider introducing regulations that would strengthen the practice of sustainable financial principles in the Nigerian banking system. Though details of the regulations have not been released, the claim that CBN is directing Union bank to shut down its operations has already raised speculations on social media.
VERIFICATION
Findings by N-VA revealed that the bank has dismissed the report in a statement via its official X handle on Thursday, describing the news as fake.
It wrote, “Dear customer, As directed by the CBN, Union Bank of Nig will cease operation with the effect from 19 January, 2024. You are hereby advised to move your fund out with immediate effect,” the text read.
While reacting, Union Bank urged its customers to disregard the news claiming they are shutting down operations, adding that their funds are safe with them.
The statement read, ‘Please disregard any text message claiming that we are shutting down operations. Union Bank remains strong and your funds are safe with us. We assure you of our unwavering dedication to providing you with simpler and smarter solutions.
“Thank you for choosing Union Bank as your trusted and dedicated partner.”
CONCLUSION
The claim that Union Bank would shut down operations on Friday, January 19, 2024 is FALSE.
