News

Court Nullifies CBN’s Dissolution of Union Bank Board

ByTitilope Adako

PublishedMarch 25, 2026

A Federal High Court in Lagos on Wednesday declared the January 2024 dissolution of Union Bank of Nigeria’s board and management by the Central Bank of Nigeria (CBN) unlawful and ultra vires.

Justice Chukwujekwu Aneke quashed all decisions made 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 appointees, and agents from taking further steps, including actions related to the proposed recapitalisation of the bank or any associated measures.

In January 2024, the CBN had dissolved Union Bank’s board, appointing Yetunde Oni as Managing Director/CEO and Mannir Ubali Ringim as Executive Director.

Dissatisfied, key shareholders, Titan Trust Bank, Luxis International, and Magna International, challenged the action in court, arguing that the removal of directors and the proposed recapitalisation lacked due process and were unlawful.

The court had previously granted interim reliefs in favour of the shareholders on December 5, 2025, before hearing the substantive case.

Defendants in the suit include the CBN Governor, the CBN, Union Bank, and several CBN-appointed directors.

Wednesday’s ruling effectively invalidates all CBN actions regarding Union Bank’s leadership change, signalling a major governance shake-up for the institution.

Titilope Adako

Titilope Adako is a talented and intrepid journalist, dedicated to shedding light on the untold stories of Osun State and Nigeria. Through incisive reporting, she tackles a broad spectrum of topics, from politics and social justice to culture and entertainment, with a commitment to accuracy, empathy, and inspiring positive change.