Court overturns CBN’s dissolution of Union Bank board
A Federal High Court in Lagos has set aside the January 2024 decision by the Central Bank of Nigeria (CBN) to dissolve the board and management of Union Bank of Nigeria, ruling that the move was beyond its legal powers.
Delivering judgment on Wednesday, Justice Chukwujekwu Aneke invalidated the dissolution and nullified all actions taken by the CBN-installed leadership, directing that the bank’s previous board and management be reinstated without delay.
The court also issued an order restraining the apex bank, along with its agents and appointees, from taking any additional steps concerning the bank, including moves tied to its proposed recapitalisation or any related actions.
The CBN had earlier, in January 2024, announced the removal of Union Bank’s leadership and installed a new team, appointing Yetunde Oni as Managing Director/Chief Executive Officer and Mannir Ubali Ringim as Executive Director.
The decision was contested by major shareholders of the bank — Titan Trust Bank, Luxis International, and Magna International — who filed a suit challenging its legality.
In their application, the shareholders maintained that the removal of directors and the recapitalisation efforts initiated by the interim board were carried out in breach of due process, describing the actions as unlawful.
They asked the court to halt further steps by the CBN, the bank, and the appointed directors pending the resolution of the case.
Earlier, on December 5, 2025, the court had granted interim orders in favour of the applicants before proceeding to hear the substantive suit.
Those listed as defendants in the case include the CBN Governor, the apex bank, 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.
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