A Federal High Court in Lagos has nullified the 2024 dissolution of the board and management of Union Bank of Nigeria by the Central Bank of Nigeria (CBN), describing the action as exceeding the regulator’s legal authority.
Delivering judgment on Wednesday, Justice Chukwujekwu Aneke set aside all decisions taken by the CBN-appointed board and ordered the immediate restoration of the bank’s former board and management.
The court also restrained the CBN, its appointees, and agents from taking any further steps regarding the bank’s recapitalisation or related actions.
The dispute stems from January 2024, when the apex bank dissolved Union Bank’s leadership and installed a new management team, including Yetunde Oni as managing director/CEO and Mannir Ringim as executive director.
However, the bank’s core shareholders, Titan Trust Bank, Luxis International, and Magna International challenged the move in court.
They argued that the CBN’s intervention, including the planned recapitalisation, was carried out without due process and was therefore unlawful.
The shareholders had sought judicial review and requested the court to halt further actions by the CBN and its appointed board pending the determination of the case. On December 5, 2025, the court granted an interim order in their favour.
In its final ruling, the court upheld the shareholders’ claims, effectively reversing the CBN’s actions and restoring control of the bank to its original leadership.