Court Nullifies CBN’s Union Bank Shake-Up, Orders Immediate Reinstatement of Former Board

Justice Chukwujekwu Aneke of the Federal High Court sitting in Lagos on Wednesday struck down the Central Bank of Nigeria’s (CBN) January 2024 dissolution of Union Bank of Nigeria’s board and management, declaring the action ultra vires.

In his ruling, Justice Aneke set aside all decisions taken by the CBN-appointed board and ordered the immediate reinstatement of the bank’s former board and management. The court also restrained the CBN, its agents, and appointees from taking any further action concerning the bank, including measures related to its proposed recapitalisation.

The CBN had, in January 2024, dissolved Union Bank’s board and management, appointing Yetunde Oni as Managing Director/Chief Executive Officer, with Mannir Ubali Ringim as Executive Director.

However, the bank’s core shareholders – Titan Trust Bank, Luxis International, and Magna International – challenged the legality of the move, arguing that the removal of directors and the interim board’s proposed recapitalisation were carried out without due process and in violation of corporate governance rules.

The shareholders had asked the court to restrain the CBN, Union Bank, and the appointed directors from taking further steps pending the determination of the suit. Earlier, on December 5, 2025, the court had granted interim relief in their favour before proceeding to hear the substantive matter.

Wednesday’s judgment effectively nullifies all actions taken by the apex bank regarding the leadership change, paving the way for a significant reshuffle in Union Bank’s governance structure.