A Federal High Court in Lagos has struck down the Central Bank of Nigeria’s (Central Bank of Nigeria) January 2024 decision to dissolve the board and management of Union Bank of Nigeria, declaring the action unlawful.
Justice Chukwujekwu Aneke ruled on Wednesday that all decisions made by the CBN-appointed board were void and directed the immediate reinstatement of the bank’s former board and management. The court also barred the CBN and its appointees from taking further steps, including actions relating to the bank’s proposed recapitalisation.
The dissolution had seen Yetunde Oni appointed as Managing Director/CEO and Mannir Ubali Ringim as Executive Director. Dissatisfied shareholders—Titan Trust Bank, Luxis International, and Magna International—challenged the legality of the CBN’s move, arguing it was executed without due process.
The court had previously granted interim reliefs to the shareholders in December 2025. Wednesday’s ruling invalidates all subsequent actions taken by the CBN regarding Union Bank’s leadership, paving the way for a significant shake-up in the bank’s governance.
