Court Orders Reinstatement of Union Bank Board Management

On Wednesday, a Federal High Court in Lagos, presided over by Justice Chukwujekwu Anek, ruled against the Central Bank of Nigeria (CBN), nullifying its January 2024 decision to dissolve the board of Union Bank Nigeria. The court found that the CBN's actions were unlawful and beyond its powers.

The judgment mandates the immediate reinstatement of the former board management of Union Bank. The crisis began when the CBN announced the removal of the bank's leadership and appointed Yetunde Oni as Managing Director and Chief Executive Officer, along with Mannir Ubali Ringim as Executive Director and other interim board members.

This decision was challenged in court by the bank's core shareholders, including Titan Trust, Luxi Intern, and Magna Intern, who argued that the removal was executed without due process. The court granted an interim order halting further actions by the CBN regarding the appointment of new directors and related recapitalization plans until the case is resolved by December 5, 2025.