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Lagos Court restores Union Bank board, declares CBN’s takeover invalid
In a landmark decision, a federal high court in Lagos has declared that the Central Bank of Nigeria (CBN) exceeded its authority when it removed the board and management of Union Bank of Nigeria in January 2024.
Delivering the judgment on Wednesday, Justice Chukwujekwu Aneke annulled all actions taken by the CBN-appointed board and ordered the immediate reinstatement of the bank’s former board and management.
The court further barred the CBN, its appointed board, and their agents from taking any steps related to recapitalisation or any other actions connected to the bank.
In January 2024, the CBN announced the dissolution of the board and management of the Union Bank, appointing Yetunde Oni as the managing director/chief executive officer and Mannir Ubali Ringim as the executive director.
The core shareholders Titan Trust, Luxis International and Magna International — launched the litigation by filing an ex-parte motion at the federal high court in Lagos to seek a judicial review of CBN’s actions so far.
They challenged the decision of the CBN to replace the existing directors of Union Bank as well as the proposed “unlawful recapitalisation” of the bank by the interim board — all allegedly done without following due process.
They also sought a suspension of the CBN, Union Bank and the directors “from taking any further action in respect of the Proposed Unlawful Recapitalisation pending the determination of the judicial review applications”.
On December 5, 2025, the court granted the order and has now delivered the final judgment.
The defendants in the suit are the CBN governor, the CBN, Bayo Adeleke, Yetunde B. Oni, Oluyinka Abimbola Morgan, Ibrahim Musa Oruma, Chiamaka Ezenwa, Mohammed Balarabe, Eileen Shaiyen, Mojisola Olateru-Olagbegi, Mannir Ringim, Taiwo Shote, Kelechi Nwaoba and Union Bank.
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