In a decisive ruling, a Federal High Court in Lagos has nullified the Central Bank of Nigeria’s (CBN) decision to remove the board and management of Union Bank of Nigeria, declaring that the regulator exceeded its statutory authority.
Justice Chukwujekwu Aneke, delivering the judgment on Wednesday, ordered the reinstatement of the bank’s former board and management. The court also barred the CBN, its appointed board, and agents from taking any steps toward recapitalisation or any related actions.
The legal dispute stems from 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.
The bank’s core shareholders — Titan Trust, Luxis International, and Magna International — challenged the regulator’s move, filing an ex-parte motion at the Lagos Federal High Court. They argued that the replacement of the directors and the proposed recapitalisation by the interim board were carried out unlawfully and without following due process.
The shareholders also requested that the CBN, Union Bank, and the interim directors be prohibited from taking any further action regarding the proposed recapitalisation until the court delivered its ruling. An interim order had already been granted on December 5, 2025, pending the final determination.
Defendants in the case include the CBN Governor, the Central Bank of Nigeria, Bayo Adeleke, Yetunde 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.
The judgment is seen as a major win for the bank’s core shareholders, reaffirming their authority and curbing regulatory overreach. Legal analysts suggest that the ruling could set a precedent for limits on central bank intervention in private banking institutions, while reinforcing corporate governance protections in Nigeria’s financial sector.
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