A Federal High Court in Lagos has invalidated the Central Bank of Nigeria’s (CBN) January 2024 decision to dissolve the board and management of Union Bank of Nigeria, declaring the move unlawful.
Justice Chukwujekwu Aneke, who delivered the judgment on Wednesday, ruled that the CBN had acted beyond its legal authority and ordered the immediate reinstatement of the bank’s former leadership.
The court also barred the CBN, its appointees, and agents from taking any further steps in relation to the bank — including actions tied to the proposed recapitalisation of Union Bank or any related measures.
The controversy began in January 2024 when the CBN announced it was dissolving Union Bank’s board and management, installing Yetunde Oni as Managing Director/Chief Executive Officer and Mannir Ubali Ringim as Executive Director in their place.
Core shareholders of the bank — Titan Trust Bank, Luxis International, and Magna International — responded by filing a lawsuit challenging the legality of the central bank’s intervention. They argued that the removal of the bank’s directors and the interim board’s push for recapitalisation were carried out without due process and were therefore unlawful. The shareholders had also sought an order restraining the CBN and the appointed directors from taking further action pending the outcome of the case.
The court had previously granted interim reliefs in favour of the shareholders on December 5, 2025, before proceeding to hear the substantive matter.
Named as defendants in the suit are the CBN Governor, the CBN itself, and several individuals including 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.
Wednesday’s ruling effectively nullifies all actions taken by the apex bank regarding the leadership change at Union Bank, setting the stage for a significant restructuring of the institution’s governance.
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