BREAKING: Court Nullifies CBN’s Sack of Union Bank Board, Orders Reinstatement
A Federal High Court sitting in Lagos has nullified the decision of the Central Bank of Nigeria (CBN) to dissolve the board and management of Union Bank of Nigeria.
The court held that the action taken by the apex bank in January 2024 was unlawful and beyond its powers.
The judgment was delivered on Wednesday by Justice Chukwujekwu Aneke. The court set aside all decisions taken by the CBN following the removal of the bank’s leadership.
It also directed that the former board and management of Union Bank be reinstated immediately.
Justice Aneke further restrained the CBN, its appointed board, and their agents from taking any further steps concerning the affairs of the bank. This includes actions linked to recapitalisation or any related corporate decisions initiated after the dissolution.
The crisis began in January 2024 when the CBN announced the sack of Union Bank’s board and top management. The apex bank went ahead to appoint Yetunde Oni as the managing director and chief executive officer. Mannir Ubali Ringim was also named as executive director alongside other members of an interim board.
However, the decision was challenged in court by the bank’s core shareholders. Titan Trust, Luxis International, and Magna International approached the Federal High Court in Lagos. They filed an ex-parte motion seeking a judicial review of the CBN’s actions.
The shareholders argued that the removal of the bank’s directors was done without due process. They also opposed what they described as an “unlawful recapitalisation” plan introduced by the interim board set up by the CBN.
As part of their requests, the shareholders asked the court to stop the CBN, Union Bank, and the newly appointed directors from taking further steps regarding the proposed recapitalisation. They insisted that such actions should be put on hold pending the determination of the case.
On December 5, 2025, the court granted an interim order in their favour. That order effectively paused further actions by the CBN and its appointed board.
With the final judgment now delivered, the court has upheld the position of the shareholders. It ruled that the steps taken by the CBN were invalid and must be reversed.
Those listed as defendants in the suit include the CBN governor, the apex bank itself, and several individuals linked to the interim management. They include 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.
Consequently, the ruling is expected to have wide implications for banking regulation and corporate governance in Nigeria.
