CBN Appeals Court Ruling on Union Bank Takeover

The Central Bank of Nigeria (CBN) has filed an appeal at the Court of Appeal seeking a stay of execution of a Federal High Court ruling that nullified its takeover of Union Bank Nigeria PLC. The ruling, delivered by Justice Chukwujekwu Aneke on March 25, 2026, held that the CBN acted beyond its statutory powers in dissolving the bank's board.

CBN assembled a high-powered legal team, including several Senior Advocates of Nigeria (SAN), led by Yusuf Ali SAN, to challenge the decision. The appeal contains 11 grounds and seeks to set aside the entire judgment of the lower court.

CBN argues that its actions were justified under the Central Bank of Nigeria Act and the Banks and Other Financial Institutions Act (BOFIA) 2020, citing the precarious financial state of Union Bank at the time of intervention. The apex bank has also filed a motion for a stay of execution to prevent the reinstatement of the former board and to maintain the status quo pending the outcome of the appeal.