Court voids CBN’s dissolution of Union Bank board, orders immediate reinstatement

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 ultra vires.

Justice Chukwujekwu Aneke, who delivered the ruling on Wednesday, quashed all decisions taken by the CBN-appointed board and ordered the immediate restoration of the bank’s former board and management.

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

The CBN had, in January 2024, dissolved the bank’s leadership and appointed a new management team, including Yetunde Oni as Managing Director/Chief Executive Officer and Mannir Ubali Ringim as Executive Director.

However, core shareholders of the bank — Titan Trust Bank, Luxis International, and Magna International — challenged the move in court, arguing that the dissolution and subsequent actions were carried out without due process and were therefore unlawful.

They urged the court to halt further decisions by the CBN and the interim management pending the resolution of the case.

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

With Wednesday’s judgment, all actions taken by the CBN regarding the leadership overhaul of Union Bank have been invalidated, setting the stage for a significant shift in the bank’s governance structure.