Court nullifies CBN dissolution of Union Bank board, management

The Federal High Court, Lagos on Wednesday in a landmark ruling nullified the dissolution of the board and management of Union Bank of Nigeria by the Central Bank of Nigeria (CBN)

Justice Chukwujekwu Aneke who delivered the ruling declared the CBN action as ultra vires.

The court 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 CBN, its agents and appointees from taking any further steps concerning the bank, including actions relating to its proposed recapitalisation or any associated measures.

The apex bank had, in January 2024, dissolved Union Bank’s board and management and appointed Yetunde Oni as Managing Director/Chief Executive Officer, alongside Mannir Ubali Ringim as Executive Director.ll

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But dissatisfied with the move, the bank’s core shareholders, Titan Trust Bank, Luxis International, and Magna International, approached the court to challenge the legality of the action.

The shareholders argued that the removal of the bank’s directors and the proposed recapitalisation by the interim board were carried out without due process and were therefore unlawful.

They urged the court to restrain the CBN, Union Bank and the appointed directors from taking further steps pending the determination of the suit.

The ruling sets the stage for a major shake-up in the institution’s governance structure.

Earlier, on December 5, 2025, the court granted interim relief in favour of the applicants before proceeding to hear the substantive matter.

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