The court annulled CBN’s dissolution of Union Bank’s board and management

The Federal High Court, Lagos on Wednesday in a landmark ruling annulled the dissolution of the board and management of Union Bank of Nigeria by the Central Bank of Nigeria (CBN)

Judge Chukwujekwu Aneke who delivered the judgment declared the CBN’s actions ultra vires.

The court set aside all decisions taken by the CBN-appointed board and ordered the reinstatement of the bank’s former board and management.

The court also prohibited the CBN, its agents and its designees from taking any further action regarding the bank, including actions related to the proposed recapitalization or other related actions.

The apex bank, in January 2024, has dissolved the board and management of Union Bank and appointed Yetunde Oni as Managing Director/Chief Executive Officer, along with Mannir Ubali Ringim as Executive Director.ll

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However, dissatisfied with the action, the bank’s core shareholders, Titan Trust Bank, Luxis International, and Magna International, appealed to the court to challenge the legality of the action.

The shareholders argued that the dismissal of the bank’s directors and the proposed recapitalization by the interim management were carried out without legal process and therefore violated the law.

They urged the court to restrain the CBN, Union Bank and the appointed directors from taking further steps pending the resolution of the lawsuit.

This decision opens up the opportunity for a major overhaul in the institution’s governance structure.

Previously, on December 5 2025, the court granted temporary relief to the applicants before proceeding to the trial of the substantive case.