JUST IN: Court Nullifies CBN’s Removal of Union Bank Board, Orders Reinstatement

A federal high court in Lagos has set aside the decision by the Central Bank of Nigeria (CBN) to dissolve the board and management of Union Bank of Nigeria, ruling that the regulator exceeded its legal authority.

In a judgment delivered on Wednesday, Justice Chukwujekwu Aneke nullified all actions taken by the CBN following the January 2024 intervention. The court directed that the bank’s former board and management be reinstated.

The ruling also restrains the CBN and its appointed representatives from pursuing any recapitalisation process or related actions concerning the bank.

The dispute arose after the CBN dissolved Union Bank’s leadership and installed a new management team, including Yetunde Oni as managing director and Mannir Ubali Ringim as executive director.

Legal action was initiated by the bank’s core shareholders — Titan Trust Bank, Luxis International, and Magna International — who challenged both the board’s removal and the proposed recapitalisation. They argued that the regulator failed to follow due process.

In December 2025, the court issued an interim order halting further actions pending a final decision. Wednesday’s judgment concludes the case, affirming the shareholders’ position and reversing the CBN’s intervention.

The suit listed the CBN, its governor, several appointed directors, and Union Bank among the defendants.