A Federal High Court sitting in Lagos has nullified the Central Bank of Nigeria’s (CBN) decision to dissolve the board and management of Union Bank of Nigeria.
Delivering judgment on Wednesday, Justice Chukwujekwu Aneke ruled that the apex bank acted beyond its legal powers in sacking the bank’s leadership in January 2024.
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The court consequently ordered the immediate reinstatement of the bank’s former board and management, effectively reversing all actions taken by the CBN-appointed leadership.
It also restrained the CBN, its agents, and appointees from taking any further steps relating to the bank, including actions tied to the proposed recapitalisation.
The apex bank had, in January 2024, dissolved Union Bank’s board and management and appointed new executives, including Yetunde Oni as Managing Director/Chief Executive Officer and Mannir Ringim as Executive Director.
However, the decision was challenged in court by core shareholders of the bank, including Titan Trust Bank, Luxis International, and Magna International, who argued that the removal of the board and subsequent actions were carried out without due process.
The shareholders had earlier secured interim reliefs in December 2025, pending the determination of the substantive suit.
With the latest ruling, all decisions taken by the CBN-appointed board have been set aside, paving the way for a significant shift in the governance structure of the bank.
Delivering judgment on Wednesday, Justice Chukwujekwu Aneke ruled that the apex bank acted beyond its legal powers in sacking the bank’s leadership in January 2024.
The Eagle Online +1
The court consequently ordered the immediate reinstatement of the bank’s former board and management, effectively reversing all actions taken by the CBN-appointed leadership.
It also restrained the CBN, its agents, and appointees from taking any further steps relating to the bank, including actions tied to the proposed recapitalisation.
The apex bank had, in January 2024, dissolved Union Bank’s board and management and appointed new executives, including Yetunde Oni as Managing Director/Chief Executive Officer and Mannir Ringim as Executive Director.
However, the decision was challenged in court by core shareholders of the bank, including Titan Trust Bank, Luxis International, and Magna International, who argued that the removal of the board and subsequent actions were carried out without due process.
The shareholders had earlier secured interim reliefs in December 2025, pending the determination of the substantive suit.
With the latest ruling, all decisions taken by the CBN-appointed board have been set aside, paving the way for a significant shift in the governance structure of the bank.