Court Nullifies CBN’s Dissolution of Union Bank Board, Orders Immediate Restoration

A Federal High Court sitting in Lagos has voided the dissolution of the board and management of Union Bank of Nigeria by the Central Bank of Nigeria, ruling that the apex bank acted beyond its statutory powers.

Justice Chukwujekwu Aneke, in a judgment delivered on Wednesday, set aside all actions taken by the CBN following its January 2024 intervention in the bank, including decisions made by the regulator-appointed board.

The court ordered the immediate restoration of the bank’s former board and management, effectively handing control back to the core shareholders.

In a sweeping ruling, the court also restrained the CBN, its appointed board, and agents from taking any further steps relating to the bank’s operations, including planned recapitalisation efforts.

The judgment represents a significant legal setback for the CBN’s intervention in the financial institution.

In January 2024, the CBN had announced the dissolution of Union Bank’s board and management, citing regulatory concerns. It subsequently appointed new leadership, including Yetunde Oni as Managing Director and Chief Executive Officer, and Mannir Ringim as Executive Director.

The bank’s core shareholders Titan Trust, Luxis International, and Magna International challenged the move in court, describing it as unlawful and a violation of due process.

The shareholders filed an ex parte motion seeking judicial review of the CBN’s decision, particularly contesting the removal of existing directors and a proposed recapitalisation plan introduced by the interim board. On December 5, 2025, the court granted interim orders halting further actions by the regulator and the bank’s interim leadership.

With Wednesday’s ruling, the court affirmed the position of the shareholders and declared the CBN’s actions invalid.

The suit listed several defendants, including the Governor of the Central Bank of Nigeria, the CBN itself, members of both the dissolved and interim boards, as well as Union Bank.