A Federal High Court sitting in Lagos has nullified the January 2024 dissolution of the board and management of Union Bank by the Central Bank of Nigeria (CBN), declaring the action unlawful and beyond the powers of the apex bank.
Delivering judgment on Wednesday, Justice Chukwujekwu Aneke held that the CBN acted ultra vires in sacking the bank’s leadership, setting aside all decisions taken by the regulator-appointed board.
The court subsequently ordered the immediate reinstatement of the bank’s former board and management.
In a sweeping ruling, Justice Aneke also restrained the CBN, its agents, and appointees from taking any further actions concerning the bank, including moves related to its proposed recapitalisation or any associated measures.
The apex bank had, in January 2024, dissolved Union Bank’s leadership and installed new executives, appointing Yetunde Oni as Managing Director/Chief Executive Officer alongside Mannir Ubali Ringim as Executive Director.
However, the decision was challenged in court by the bank’s core shareholders, Titan Trust Bank, Luxis International, and Magna International, who argued that the move was carried out without due process and was therefore illegal.
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The shareholders also faulted the proposed recapitalisation plan initiated by the interim board, insisting it lacked legal backing.
They urged the court to restrain both the CBN and the newly appointed directors from taking further steps pending the determination of the suit.
Earlier, on December 5, 2025, the court had granted interim relief in favour of the applicants before proceeding to hear the substantive case.
With Wednesday’s verdict, the court has effectively invalidated all actions taken by the CBN regarding the bank’s leadership restructuring, a development that is expected to trigger significant upheaval in the governance of the financial institution.
