In a landmark ruling, a federal high court in Lagos has held that the Central Bank of Nigeria (CBN) exceeded its authority when it removed the board and management of Union Bank of Nigeria in January 2024.
Delivering the judgment on Wednesday morning, Chukwujekwu Aneke set aside all decisions and actions taken by the CBN-appointed board and ordered that the former board and management be reinstated.
The court further barred the CBN and its appointed board, as well as their agents, from taking or continuing any action related to recapitalisation or any associated processes.
In January 2024, the CBN had 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.
The core shareholders — Titan Trust Bank, Luxis International and Magna International — initiated the legal action by filing an ex-parte motion at the federal high court in Lagos, seeking a judicial review of the CBN’s decisions.
They challenged the CBN’s move to replace the existing directors of Union Bank and the proposed “unlawful recapitalisation” of the bank by the interim board, arguing that the steps were taken without due process.
The shareholders also requested that the court restrain the CBN, Union Bank and the directors “from taking any further action in respect of the Proposed Unlawful Recapitalisation pending the determination of the judicial review applications”.
On December 5, 2025, the court granted the request, and it has now delivered its final judgment on the matter.
The defendants listed 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.