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By Victory Oghene
A Federal High Court sitting in Lagos has nullified the Central Bank of Nigeria’s (CBN) January 2024 decision to sack the board and management of Union Bank of Nigeria.
The ruling, delivered on Wednesday by Justice Chukwujekwu Aneke, declared the CBN’s actions ultra vires (beyond its legal power) and ordered the immediate restoration of the bank’s previous leadership.
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.
