Court Rules Against CBN, Restores Union Bank’s Board

A Federal High Court in Lagos on Wednesday set aside the January 2024 dissolution of the board and management of Union Bank of Nigeria by the Central Bank of Nigeria (CBN), ruling that the action was ultra vires.

Delivering judgment, Justice Chukwujekwu Aneke nullified all decisions taken by the CBN-appointed board and ordered the immediate reinstatement of the bank’s former board and management.

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

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

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

In their suit, the shareholders contended that the removal of the bank’s directors and the proposed recapitalisation by the interim board were carried out without due process, describing the actions as unlawful.

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

The court had earlier, on December 5, 2025, granted interim reliefs in favour of the applicants before proceeding to hear the substantive suit.

Those listed as defendants include the CBN Governor, the CBN, Bayo Adeleke, Yetunde B. Oni, Oluyinka Abimbola Morgan, Ibrahim Musa Oruma, Chiamaka Ezenwa, Mohammed Balarabe, Eileen Shaiyen, Mojisola Olateru-Olagbegi, Mannir Ringim, Taiwo Shote, Kelechi Nwaoba, and Union Bank of Nigeria.

With Wednesday’s ruling, the court has effectively voided all actions taken by the apex bank regarding the bank’s leadership restructuring, setting the stage for a significant shake-up in its governance framework.