Court Overturns CBN's Dissolution of Union Bank Board

On January 24, 2024, the Federal High Court in Lagos, presided over by Justice Chukwujekwu Aneke, nullified the Central Bank of Nigeria's (CBN) decision to dissolve the board of Union Bank Nigeria. The court ruled that the CBN acted beyond its statutory powers, declaring the dissolution ultra vires.

The judgment mandated the immediate restoration of Union Bank's former board, which included Yetunde Oni as Managing Director and Chief Executive Officer, and Mannir Ubali Ringim as Executive Director. Additionally, the court restrained the CBN and its appointed agents from taking further actions regarding the bank's affairs, including any proposed recapitalization measures.

This legal challenge arose after the CBN announced the board's dissolution in January 2024, which faced resistance from key stakeholders, including Titan Trust Bank and other shareholders, who argued that the removal of the bank's directors was unlawful and lacked due process. An interim relief was granted on December 5, 2025, to halt the CBN's actions pending the court's determination.