Court orders reinstatement of Union Bank board, voids CBN dissolution

By Matthew Denis

A Federal High Court in Lagos has overturned the Central Bank of Nigeria’s (CBN) decision to dissolve the board and management of Union Bank of Nigeria.

In a judgment delivered on Wednesday, Justice Chukwujekwu Aneke ruled that the CBN’s actions in January 2024 exceeded its legal authority.

The court nullified the dissolution and set aside all decisions made by the interim leadership appointed by the apex bank.

Justice Aneke directed the immediate reinstatement of the former board members and management team.

The court also restrained the CBN and its representatives from taking further actions regarding the bank, including any steps linked to planned recapitalization.

Recall that the legal battle began after the CBN removed Union Bank’s leadership and appointed Yetunde Oni as Managing Director and Mannir Ubali Ringim as Executive Director.

In response, the major shareholders, Titan Trust Bank, Luxis International, and Magna International challenged the move arguing that the removal of directors bypassed proper legal procedures and was unlawful.

The court had previously granted temporary relief to the shareholders on December 5, 2025, before proceeding with the full hearing that led to Wednesday's final ruling.