By our Reporter
A Federal High Court sitting in Lagos has nullified the January 2024 dissolution of the board and management of Union Bank of Nigeria by the Central Bank of Nigeria (CBN), declaring the action unlawful.
Delivering judgment on Wednesday, Justice Chukwujekwu Aneke held that the apex bank acted outside its powers in dissolving the bank’s leadership, describing the move as ultra vires.
The court consequently set aside all decisions taken by the CBN-appointed board and directed the immediate reinstatement of the bank’s former board and management.
It also restrained the CBN, its agents, and appointees from taking any further steps concerning the bank, including actions related to its proposed recapitalisation.
The apex bank had in January 2024 dissolved the bank’s board and management, appointing Yetunde Oni as Managing Director/Chief Executive Officer and Mannir Ubali Ringim as Executive Director.
However, the move was challenged in court by the bank’s core shareholders, including Titan Trust Bank, Luxis International, and Magna International, who questioned the legality of the decision.
The shareholders argued that the removal of the directors and subsequent actions by the interim board, including plans for recapitalisation, were carried out without due process.
They had sought an order restraining the CBN, the bank, and the appointed directors from taking further steps pending the determination of the suit.
Earlier, on December 5, 2025, the court granted interim relief in favour of the applicants before proceeding to hear the substantive case.
With the latest ruling, the court has effectively invalidated all actions taken by the CBN regarding the bank’s leadership restructuring, a decision expected to significantly impact the institution’s governance structure.
