CBN’s Union Bank Board Dissolution Struck Down By Court

According to Ireporter Online, a Federal High Court in Lagos on Wednesday struck down the January 2024 dissolution of Union Bank of Nigeria’s board and management by the Central Bank of Nigeria (CBN), ruling the action ultra vires.

Delivering judgment, Justice Chukwujekwu Aneke held that the apex bank exceeded its statutory authority in removing the bank’s leadership. The court consequently quashed all decisions made by the CBN-appointed board and ordered the immediate reinstatement of the former board and management.

The ruling further restrained the CBN, its appointees, and agents from taking any further steps concerning the bank’s affairs, including measures related to the proposed recapitalisation, effectively halting ongoing restructuring initiatives.

The dispute originated in January 2024 when the CBN dissolved Union Bank’s board and management, appointing Yetunde Oni as Managing Director/Chief Executive Officer and Mannir Ubali Ringim as Executive Director to oversee operations. The move met immediate opposition from key stakeholders.

Core shareholders, including Titan Trust Bank, Luxis International, and Magna International, filed suit challenging the legality of the CBN’s intervention. They contended that the removal of directors and the proposed recapitalisation were carried out without due process and urged the court to restrain the CBN and the appointed directors from taking further action pending the resolution of the case.

The court had previously granted interim reliefs in December 2025, temporarily suspending some of the apex bank’s actions. Wednesday’s ruling now conclusively nullifies all CBN actions regarding the bank’s leadership, marking a decisive victory for the shareholders.