Union Bank of Nigeria has issued a statement reaffirming its steadfast position in the course of 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 Governor 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 the CBN Governor, institutions currently 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.

“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 is working constructively with the Central Bank 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.

• In addition to schools, parents and guardians can now also register their wards for the competition.

• Over N40m worth of scholarships up for grabs.

Interswitch, Africa’s leading technology company focused on creating solutions that enable individuals and communities prosper, has opened nationwide registration for the eighth edition of InterswitchSPAK, its flagship National Science Competition where senior secondary school students across Nigeria are invited to apply and demonstrate their academic excellence on a national stage.Designed to empower young minds in the Science, Technology, Engineering, and Mathematics (STEM) areas, InterswitchSPAK identifies, nurtures, and rewards students while equipping them with the skills and knowledge required to excel in STEM fields and drive innovation.Registration for InterswitchSPAK 8.0 is now open and will close on Friday, May 24, 2026. For the first time ever, in addition to group registrations through schools, parents can also register their individual children for the competition.This year’s edition features a scholarship pool exceeding ₦40 million, with Interswitch expanding the prize structure to ensure broader impact. The overall winner will receive a ₦15 million tertiary scholarship including monthly stipends. The first runner-up will be awarded a ₦10 million scholarship including monthly stipends; while the second runner-up will receive a ₦5 million scholarship, also including monthly stipends. All scholarships are payable over a 5-year period. In addition, the top 9 finalists will all receive brand new laptops and other exciting prizes.In addition to the top prizes, Season 8 introduces enhanced rewards for student finalists ranked 4th to 9th, as well as increased recognition for teachers supporting qualifying students from 1st to 9th place. This expanded structure reinforces Interswitch’s commitment to rewarding academic excellence and recognising the critical role educators play in shaping student success.Speaking on the launch, Cherry Eromosele, Executive Vice President, Group Marketing and Communications, Interswitch, reaffirmed the company’s long-standing investment in education and youth development.“At Interswitch, we strongly believe that Nigeria’s future will be shaped by how well we nurture today’s young minds. InterswitchSPAK goes beyond competition, it is a long-term commitment to empowering students and supporting teachers who are laying the foundation for innovation, problem-solving, and national development. As we launch Season 8, we remain focused on creating opportunity, rewarding merit, and inspiring excellence across Nigeria.”Over the past seven seasons, InterswitchSPAK has positively impacted thousands of students across the country, offering full university scholarships, mentorship opportunities, and national recognition for outstanding academic performance. Beyond these rewards, the programme has consistently reinforced the importance of STEM education as a critical driver of innovation, problem-solving, and sustainable national development.Through a transparent, technology-enabled selection process, InterswitchSPAK has also promoted educational equity by providing students from diverse socio-economic backgrounds with equal access to opportunity, ensuring that performance and merit remain central to success.As Season 8 begins, Interswitch calls on students, parents, teachers, school administrators, and education stakeholders to actively encourage participation, recognising their vital role in helping students seize opportunities that can shape their academic and professional futures.Eligible senior secondary school students are to register online at www.interswitchspak.com on or before May 24, 2026.Through InterswitchSPAK, Interswitch continues to invest in Nigeria’s education ecosystem, empowering the next generation of scientists, engineers, and innovators to compete, excel, and lead on both national and global levels.

In a momentous ceremony held at the highbrow Radisson Blu Hotel in GRA, Ikeja, High Chief Ibrahim Dende Egungbohun, widely recognized as IBD Dende, received an illustrious Award of Excellence presented by the City of Brampton, Canada. This prestigious recognition highlights his outstanding contributions to philanthropy, empowerment, and entrepreneurial development in Nigeria, affirming the profound impact he has made on countless lives through his IBD Foundation.

The event was graced by a formal delegation representing the Mayor of Brampton, His Lordship Mayor Patrick Brown, led by Mr. Richard Forward, the Senior Manager of the Financial Advisory Budget Office. During the award presentation, the delegation emphasized Brampton’s dedication to cultivating international partnerships with distinguished leaders like IBD Dende, who is renowned for his philanthropy and unwavering commitment to improving the lives of those in need.

The award acknowledged Dende’s extensive philanthropic initiatives, particularly through his IBD Foundation, which has spearheaded transformative projects in various communities throughout Lagos and Ogun States. The recognition also included a formal commendation letter sealed by Mayor Brown, praising Dende’s tireless efforts in economic development, community growth, and his active support for the recently concluded African Made Economic Growth Initiative (AMEGI) in Canada, a significant event that was attended by his wife, Mrs. Omolara Egungbohun.

During the ceremony, Mayor Brown’s representatives delivered a poignant message regarding the importance of recognizing impactful figures within the community, noting, “With a vibrant Nigerian community of approximately 12,000 residents in Brampton, it is vital to spotlight individuals like Chief Dende who are making a tangible difference in the welfare of others.” This statement illustrates Dende’s role as a beacon of hope and progress within the Nigerian diaspora.

The distinguished delegation included Mr. Imadu Maurice, an adviser and community engagement specialist from the Mayor’s Office, and Mrs. Kehinde Adelaja-Okoroafor, Founder of the Make Mee Elegant Foundation. Both speakers highlighted Dende’s deep compassion for the marginalized and his relentless drive to empower them through various initiatives.

As a gesture of ongoing collaboration and mutual support, Mayor Brown extended a warm invitation to Chief Ibrahim to participate in next year’s AMEGI event, set to be hosted by the City of Brampton. This event aims not only to strengthen economic ties but also to empower one thousand women, celebrating the rich contributions of the African diaspora to Canadian society.

Upon receiving the award, Chief Dende articulated his commitment to philanthropy, emphasizing how he has consistently demonstrated his wealth through substantial investments in empowerment initiatives, particularly benefitting the people of Yewa land. He praised Mayor Brown and his administration for their commendable efforts in making Brampton one of the finest cities in Canada, stating, “Your hands-on leadership in championing the Brampton Youth Empowerment Initiative, alongside the recent Affordable Housing Expansion Program, exemplifies public service that truly uplifts its citizens in real time.”

Dende further expressed his enthusiasm for deepening collaborative efforts with the residents of Brampton, especially during his upcoming visit to Canada next year. He hopes to extend his philanthropic and developmental programs to the city, thereby supporting local initiatives and fostering shared prosperity.

“Through the IBD Foundation, our mission remains clear: to restore essential human amenities to communities where they have been lost and to create opportunities where none currently exist. We have invested heavily in educational sponsorships, healthcare interventions, humanitarian relief, rural development, and initiatives to support women-led entrepreneurial ventures. Over the years, we have provided thousands of essential medical treatments, delivered millions of meals to those in need, and supported youth who require encouragement and belief in their potential,” Dende articulated passionately.

For Ibrahim Dende Egungbohun, receiving this honour signifies not only individual achievement but also reflects the strengthening diplomatic and economic ties between Canadian institutions and Nigerian leaders dedicated to societal improvement and resilience. It stands as a powerful reminder of what can be accomplished when people come together to uplift their communities.