…Says apex bank exceeded its authority
A Federal High Court sitting in Lagos, on Wednesday, March 25, 2026, held that the Central Bank of Nigeria (CBN) exceeded its authority by dissolving the board and management of Union Bank in January 2024.
Accordingly, the court presided over by Justice Chukwujekwu Aneke nullified all decisions taken by the board appointed by the CBN and ordered the immediate reinstatement of the bank’s former board and management.
Justice Aneke 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 apex bank 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.
However, the bank’s core shareholders namely; Titan Trust Bank, Luxis International, and Magna International, challenged the CBN’s decision in court, arguing that the dissolution and proposed recapitalisation were carried out without due process.
Accordingly, the shareholders filed an ex-parte motion seeking judicial review of the CBN’s actions and prayed the court to halt further steps pending the determination of the substantive suit.
On December 5, 2025, the court granted the interim order and now delivered its final judgement in favour of the shareholders.
