A Federal High Court sitting in Lagos on Wednesday nullified the January 2024 dissolution of the board and management of Union Bank of Nigeria by the Central Bank of Nigeria, CBN, declaring the action ultra vires.
Justice Chukwujekwu Aneke, in his ruling, quashed all decisions taken by the CBN-appointed board and directed the immediate restoration of the bank’s former board and management.
The court further restrained the CBN, its appointees and agents from taking any further steps, including actions relating to the proposed recapitalisation of the bank or any related measures.
The apex bank had, in January 2024, announced the dissolution of Union Bank’s board and management, appointing Yetunde Oni as Managing Director/Chief Executive Officer and Mannir Ubali Ringim as Executive Director.
Dissatisfied with the move, core shareholders of the bank — Titan Trust Bank, Luxis International and Magna International — approached the court, challenging the legality of the CBN’s action.
In their suit, the shareholders argued that the removal of the bank’s directors and the proposed recapitalisation by the interim board were carried out without due process, describing the steps as unlawful.
They urged the court to suspend the CBN, Union Bank and the appointed directors from taking further actions pending the determination of the suit.
The court had, on December 5, 2025, granted interim reliefs in favour of the applicants before proceeding to hear the substantive matter.
Defendants in the suit include the CBN Governor, the CBN, 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 of Nigeria.
With Wednesday’s ruling, the court has effectively invalidated all actions taken by the apex bank in respect of the bank’s leadership change, setting the stage for a major shake-up in the institution’s governance structure.
