A Federal High Court sitting in Lagos has 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.
Justice Chukwujekwu Aneke, in his ruling, set aside all decisions taken by the CBN-appointed board and ordered the immediate reinstatement of the bank’s former board and management.
The court also restrained the apex bank, its agents, and appointees from taking further actions concerning the bank, including steps related to the proposed recapitalisation.
The CBN had, in January 2024, dissolved the bank’s leadership and appointed Yetunde Oni as Managing Director/Chief Executive Officer, alongside Mannir Ubali Ringim as Executive Director.
However, the move was challenged in court by core shareholders of the bank — Titan Trust Bank, Luxis International, and Magna International — who questioned the legality of the regulator’s intervention.
The shareholders argued that the removal of the bank’s directors and subsequent actions by the interim board, including plans for recapitalisation, were carried out without due process and were therefore unlawful.
They urged the court to restrain the CBN, the bank, and the newly appointed directors from taking further steps pending the resolution of the dispute.
The court had earlier, on 5 December 2025, granted interim reliefs in favour of the applicants before proceeding to determine the substantive suit.
Defendants in the case include the CBN Governor, the Central Bank of Nigeria, Bayo Adeleke, Yetunde Oni, Oluyinka Abimbola Morgan, Ibrahim Musa Oruma, Chiamaka Ezenwa, Mohammed Balarabe, Eileen Shaiyen, Mojisola Olateru-Olagbegi, Mannir Ringim, Taiwo Shote, Kelechi Nwaoba, and Union Bank of Nigeria.
