A Federal High Court sitting in Lagos has nullified the decision of the Central Bank of Nigeria (CBN) to dissolve the board and management of Union Bank of Nigeria, declaring the move unlawful.
In a landmark judgment delivered on Wednesday, Justice Chukwujekwu Aneke ruled that the apex bank acted beyond its statutory powers when it removed the bank’s leadership in January 2024.
The court subsequently quashed all decisions taken by the CBN-appointed board and ordered the immediate reinstatement of the former board led by Farouk Mohammed Gumel, alongside the bank’s management.
Justice Aneke also restrained the CBN, its appointed board, and their agents from taking any further steps, including actions related to the recapitalisation of the bank.
The case stemmed from the CBN’s January 2024 intervention, which saw the removal of Union Bank’s leadership and the appointment of a new management team, including Yetunde Oni as managing director/chief executive officer and Mannir Ubali Ringim as executive director.
Dissatisfied with the move, the bank’s core shareholders — Titan Trust, Luxis International, and Magna International — approached the court, seeking a judicial review of the regulator’s actions.
They challenged both the dissolution of the board and the proposed recapitalisation, describing them as unlawful and carried out without due process. The shareholders also sought an interim order restraining the CBN and its appointees from taking further steps pending the determination of the suit.
On December 5, 2025, the court granted the interim reliefs. Delivering final judgment, Justice Aneke upheld the claims of the plaintiffs, effectively voiding the apex bank’s intervention.
The suit listed the CBN Governor, the apex bank, Union Bank, and several individuals appointed to the interim board as defendants.
Legal representation in the matter featured prominent senior advocates, including Olasupo Shasore, who led the team representing the investors, while Adeyemi Candide Johnson appeared for the CBN. Muiz Banire represented the bank’s directors, and Koyin Ajayi appeared for Union Bank Plc.
