Court Orders Reinstatement of Union Bank's Board
On Wednesday, January 3, 2024, Justice Chukwujekwu Aneke of the Federal High Court in Lagos nullified the Central Bank of Nigeria's (CBN) decision to dissolve the board of Union Bank Nigeria. The court declared the CBN's actions as ultra vires and ordered the immediate reinstatement of the bank's former management team, which includes Yetunde Oni as Managing Director and Chief Executive Officer, alongside Mannir Ubali Ringim as Executive Director.
The court also restrained the CBN and its agents from taking further actions regarding the bank, including any measures related to a proposed recapitalization. The dissolution of the board had been challenged by core shareholders, including Titan Trust Bank and Luxi International, who argued that the removal of directors and the proposed recapitalization were conducted without due process.
An interim relief was granted by the court on December 5, 2025, favoring the applicants, setting the stage for significant changes in the governance structure of Union Bank.
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