A Federal High Court in Lagos has nullified the Central Bank of Nigeria’s (CBN) decision to dissolve the board and management of Union Bank of Nigeria, describing the action as unlawful and beyond the apex bank’s powers.
In a judgment delivered on Wednesday, March 18, 2026, Justice Chukwujekwu Aneke ruled that the CBN overstepped its legal authority when it sacked the bank’s leadership in January 2024 and appointed a new executive team.
The court ordered the immediate reinstatement of the former board and management, effectively reversing all decisions taken by the CBN-appointed leadership since the dissolution. It also restrained the CBN, its agents, and appointees from taking any further steps concerning the bank, including actions related to the ongoing recapitalisation exercise.
The CBN had, in January 2024, removed the entire board and management of Union Bank and installed new executives, including Yetunde Oni as Managing Director/Chief Executive Officer and Mannir Ringim as Executive Director.
The move was challenged by core shareholders of the bank, including Titan Trust Bank, Luxis International, and Magna International, who argued that the removal violated due process and corporate governance principles. The shareholders had earlier obtained interim reliefs in December 2025, which were upheld pending the determination of the substantive suit.
With Wednesday’s ruling, all decisions and transactions carried out by the CBN-appointed board have been set aside, creating a major shift in the governance structure of one of Nigeria’s oldest commercial banks.
The judgment is expected to have significant implications for Union Bank’s ongoing recapitalisation process and its proposed integration with other institutions. It also raises fresh questions about the extent of the CBN’s intervention powers in licensed banks and the limits of regulatory oversight under existing banking laws.
The development comes at a time when the banking sector is undergoing a major recapitalisation exercise, and stakeholders will be watching closely to see how the CBN and the affected parties respond to the court’s directive.
Legal experts believe the ruling reinforces the importance of due process and judicial oversight in regulatory interventions within the financial services industry.
