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

Court Nullifies CBN’s Dissolution 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.

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Delivering judgment on Wednesday, Justice Chukwujekwu Aneke ruled that the apex bank acted beyond its legal powers when it removed the bank’s leadership in January 2024.

The court consequently ordered the immediate reinstatement of the former board and management, effectively reversing all actions taken by the CBN-appointed leadership.

Justice Aneke also restrained the CBN, its agents, and appointees from taking any further steps concerning the bank, including actions related to its proposed recapitalisation.

The CBN had earlier dissolved the bank’s leadership and appointed a new management team, including Yetunde Oni as Managing Director/Chief Executive Officer and Mannir Ringim as Executive Director.

However, the move was challenged by core shareholders, including Titan Trust Bank, Luxis International, and Magna International, who argued that the dissolution was carried out without due process.

The shareholders had earlier secured interim reliefs in December 2025, pending the court’s final determination.

The judgment marks a significant development in the dispute, raising fresh questions about regulatory authority and corporate governance within Nigeria’s banking sector.

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