A Federal High Court in Lagos has nullified the decision of the Central Bank of Nigeria (CBN) to dissolve the board and management of Union Bank of Nigeria, ruling that the apex bank exceeded its statutory authority.
Delivering judgment on Wednesday, Justice Chukwujekwu Aneke set aside the CBN’s January 2024 action and ordered the immediate reinstatement of the bank’s former board and management.
The court also nullified all decisions taken by the CBN-appointed leadership, effectively reversing the regulatory intervention that had reshaped the bank’s governance structure over the past year.
In a further blow to the apex bank, Justice Aneke restrained the CBN, its appointees, and agents from taking any additional steps regarding the bank’s proposed recapitalisation or related actions, pending the resolution of broader issues tied to the case.
The CBN had, in 2024, dissolved Union Bank’s leadership and installed a new management team, including Yetunde Oni as Managing Director/Chief Executive Officer and Mannir Ubali Ringim as Executive Director, citing regulatory concerns.
However, the move was fiercely challenged by the bank’s core shareholders—Titan Trust Bank, Luxis International, and Magna International—who argued that the dissolution and subsequent actions were carried out without due process and in violation of established corporate governance principles.
The shareholders approached the court, seeking judicial review and an order to halt further regulatory steps. In December 2025, the court granted an interim injunction restraining the CBN, a position it has now affirmed in its final ruling.
The judgment marks a significant legal setback for the apex bank and raises fresh questions about the limits of regulatory powers in Nigeria’s banking sector, particularly in matters involving corporate governance and shareholder rights.
Court Voids CBN’s Dissolution of Union Bank Board, Orders Reinstatement
