A Federal High Court in Lagos has ruled that the Central Bank of Nigeria (CBN) exceeded its authority when it dissolved the board and management of Union Bank in January 2024.
Delivering judgement on Wednesday, March 25, 2026, Justice Chukwujekwu Aneke nullified 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 CBN, its appointed board, and the apex bank’s agents from taking further steps towards recapitalisation or any related actions concerning Union Bank.
The CBN had in January 2024 dissolved Union Bank’s leadership and appointed Yetunde Oni as Managing Director/Chief Executive Officer and Mannir Ubali Ringim as Executive Director.
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However, the bank’s core shareholders — Titan Trust Bank, Luxis International, and Magna International — challenged the decision in court, arguing that the dissolution and proposed recapitalisation were carried out without due process.
The shareholders filed an ex-parte motion seeking judicial review of the CBN’s actions and requested the court to halt further steps pending determination of the suit.
On December 5, 2025, the court granted the interim order and has now delivered its final judgement in favour of the shareholders.
