A Federal High Court in Lagos has ruled against the Central Bank of Nigeria’s (CBN) move to disband the board and management of Union Bank of Nigeria.
On Wednesday, Justice Chukwujekwu Aneke stated that the apex bank had overstepped its authority when it dismissed the bank's leadership in January 2024.
The court's ruling mandates the immediate reinstatement of the bank's former board and management, effectively nullifying all actions taken by the leadership appointed by the CBN.
Additionally, the court has prohibited the CBN, along with its agents and appointees, from executing any further measures related to Union Bank, which includes activities concerning the proposed recapitalization.
In January 2024, the CBN had removed Union Bank’s board and management, installing new leaders such as Yetunde Oni as the Managing Director/Chief Executive Officer and Mannir Ringim as Executive Director.
This decision was contested in court by significant shareholders of the bank, including Titan Trust Bank, Luxis International, and Magna International, who alleged that the board's removal and subsequent actions were carried out without proper legal procedure.
These shareholders had previously obtained interim reliefs in December 2025 while awaiting a ruling on the main case.
With this recent judgment, all decisions made by the CBN-appointed leadership have been annulled, signaling a considerable change in the governance framework of Union Bank.
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