A Federal High Court in Lagos has struck down the Central Bank of Nigeria’s (CBN) decision to sack the board and management of Union Bank of Nigeria, ruling that the regulator acted beyond its powers.
Delivering the judgment on Wednesday, Justice Chukwujekwu Aneke invalidated all actions taken by the CBN-appointed interim board and ordered the reinstatement of the bank’s original directors and management team. The court further prohibited the CBN, its appointees, and their agents from pursuing any recapitalisation or related measures.
The dispute dates back to January 2024, when the CBN dissolved Union Bank’s board and appointed 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 – filed a legal challenge, arguing that the regulator’s actions, including the replacement of the directors and the proposed recapitalisation by the interim board, were unlawful and lacked due process.
The shareholders initially sought an ex-parte order to suspend the CBN, Union Bank, and the interim directors from taking further steps on the recapitalisation pending judicial review. That interim order was granted on December 5, 2025, with Wednesday’s judgment delivering the final ruling.
The defendants in the suit 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 ruling restores authority to the bank’s original shareholders and management, marking a significant legal victory in Nigeria’s banking sector and reinforcing shareholder rights against regulatory overreach.