A Federal High Court sitting in Lagos on Wednesday nullified the January 2024 dissolution of the board and management of Union Bank of Nigeria by the Central Bank of Nigeria (CBN), declaring the action ultra vires.
Delivering judgment, Justice Chukwujekwu Aneke held that the apex bank acted beyond its statutory powers in removing the bank’s leadership.
In a decisive ruling, the court quashed all decisions taken by the CBN-appointed board and ordered the immediate restoration of the bank’s former board and management.
The judge further restrained the CBN, its appointees, and agents from taking any further steps regarding the bank’s affairs.
This includes actions tied to the proposed recapitalisation of the bank or any related measures, effectively halting ongoing restructuring efforts.
The crisis dates back to January 2024 when the CBN announced the dissolution of Union Bank’s board and management.
At the time, the apex bank appointed Yetunde Oni as Managing Director/Chief Executive Officer and Mannir Ubali Ringim as Executive Director to oversee the bank’s operations.
The move, however, sparked immediate resistance from key stakeholders.
Dissatisfied with the development, core shareholders, Titan Trust Bank, Luxis International, and Magna International, approached the court to challenge the legality of the CBN’s intervention.
In their suit, the shareholders argued that the removal of the bank’s directors and the proposed recapitalisation were carried out without due process, describing the steps as unlawful.
They also urged the court to restrain the CBN, Union Bank, and the appointed directors from taking further actions pending the determination of the case.
The court had earlier, on December 5, 2025, granted interim reliefs in favour of the applicants, effectively putting some of the apex bank’s actions on hold.
Defendants in the suit included the CBN Governor, the apex bank itself, and several individuals linked to the interim management and board of Union Bank.
With Wednesday’s ruling, the court has now conclusively invalidated all actions taken by the CBN regarding the leadership change at the bank.
