By Lanre Bida
Business News Correspondent
A Federal High Court in Lagos has nullified the dissolution of the board and management of Union Bank of Nigeria carried out by the Central Bank of Nigeria, ordering the immediate reinstatement of the bank’s former leadership.
Delivering judgment on Wednesday, Justice Chukwujekwu Aneke ruled that the apex bank acted beyond its powers when it dissolved the bank’s leadership in January 2024. The court declared the move ultra vires and set aside all decisions taken by the CBN-appointed board.
Justice Aneke further directed that the previous board and management of Union Bank be restored without delay. The court also restrained the Central Bank of Nigeria, its agents, and appointees from taking any further action concerning the bank, including moves related to its proposed recapitalisation or any associated restructuring.
The Central Bank had, in January 2024, dissolved the bank’s leadership and appointed Yetunde Oni as Managing Director/Chief Executive Officer, alongside Mannir Ubali Ringim as Executive Director.
However, the decision was challenged in court by the bank’s core shareholders, including Titan Trust Bank, Luxis International, and Magna International, who argued that the removal of the directors and subsequent steps taken by the interim board were carried out without due process.
The shareholders also contended that the proposed recapitalisation plan introduced by the interim management was unlawful and asked the court to restrain the CBN and its appointees from taking further action pending the determination of the suit.
Earlier, on December 5, 2025, the court granted interim relief in favour of the applicants before proceeding to hear the substantive case.
With Wednesday’s ruling, the court effectively invalidated all actions taken by the Central Bank regarding Union Bank’s leadership restructuring, setting the stage for a significant shift in the bank’s governance and operational direction.
