CBN Appeals Court Ruling on Union Bank Intervention

The Central Bank of Nigeria (CBN) has appealed a Federal High Court decision that voided its intervention in Union Bank Nigeria PLC, which was delivered on March 25, 2026, by Justice Chukwujekwu Aneke. The court ruled that the CBN exceeded its statutory powers when it dissolved the bank's board of directors.

The appeal, filed on March 26, 2026, contains 11 grounds challenging the trial court's decision, arguing that the CBN acted within its statutory authority under the Central Bank of Nigeria Act and the Banks and Other Financial Institutions Act (BOFIA) 2020. The CBN maintains that its intervention was necessary due to serious financial challenges faced by Union Bank, including a capital shortfall exceeding 224 billion naira and a high level of non-performing loans.

The CBN has also filed a motion seeking to stay the execution of the Federal High Court judgment pending the determination of the appeal, requesting the court to restrain the reinstatement of the bank's directors and maintain the status quo to protect the stability of the banking system.