A Federal High Court in Lagos has nullified the decision by the Central Bank of Nigeria (CBN) to dissolve the board and management of Union Bank of Nigeria, declaring the move beyond its legal powers.
Delivering judgment on Wednesday, Justice Chukwujekwu Aneke set aside all actions taken by the CBN-appointed leadership and directed the immediate reinstatement of the bank’s former board and executives.
The court also barred the apex bank, its agents, and appointees from taking further steps regarding the bank’s affairs, including any moves tied to its proposed recapitalisation.
The CBN had in January 2024 removed the bank’s leadership and installed a new management team, including Yetunde Oni as Managing Director/CEO and Mannir Ringim as Executive Director.
However, key shareholders—Titan Trust Bank, Luxis International, and Magna International—challenged the decision in court, arguing that the action violated due process and was unlawful.
In an earlier ruling on December 5, 2025, the court granted interim reliefs in favour of the shareholders before proceeding to the substantive hearing.
With this latest judgment, all decisions made under the CBN-appointed board have been voided, potentially triggering significant changes in the bank’s governance structure.