Business News
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.
Follow Us on Google Discover
NDA publishes 78th regular combatant course admission list
NAF opens 2026 recruitment for tradesmen, non-tradesmen
Five suspects arrested as police recover stolen vehicles in Cross River
Lagos court remands 74-year-old cleric over alleged defilement of granddaughter
Tinubu faces fresh scrutiny as US firm engages Congress over heroin claims
2027: Gawuna’s camp romances APC despite being given Kano NDC Senatorial ticket
Don’t discuss Atiku’s NYSC certificate case against Tinubu in public – Judge warns lawyers
2027: Tinubu deserves second term to complete reforms – Reno Omokri
North, biggest beneficiary of my reforms — Tinubu, Arewa Forum, others disagree
‘Why can’t Nigerians buy petrol for N441-N872 per litre like, UAE, Angola Sudi Arabia, others’ – Atiku questions Tinubu
Former British PM Keir Starmer leaves parliament after 11 years
Tinubu’s effort to secure Trump’s support for re-election has failed – Atiku’s lobbying firm claim
Erin Piacenti, Bank of America VP killed in Times Square stabbing
Nollywood hit by another loss as Atinuke Kareem dies after prolonged cancer battle
2027: I will review NELFUND, offer debt forgiveness to Nigerian students – Atiku vows
7 Ongoing recruitment opportunities Nigerians shouldn’t miss before deadline (How to apply)
2027: I will review NELFUND, offer debt forgiveness to Nigerian students – Atiku vows
FBI files won’t decide 2027 election, Nigerians vote will – Tinubu’s lawyer Afolabi says
On LG Autonomy: I will send funds directly to LGs from Day 1 in office – Atiku vows
BREAKING: Ex-Bayelsa gov Timipre Sylva dumps APC, says party has lost its founding ideals
Yuguda warns Nigerians against Atiku’s promise to restore fuel subsidy, says its a political bait
2027: APC chieftain resigns, rejects support for Tinubu, Bauchi Governorship candidate
‘Why can’t Nigerians buy petrol for N441-N872 per litre like, UAE, Angola Sudi Arabia, others’ – Atiku questions Tinubu
BREAKING: Lionel Messi retires from international football
Tinubu’s effort to secure Trump’s support for re-election has failed – Atiku’s lobbying firm claim
Chaos as Police teargas pensioners during protest at Lagos House
Xenophobia: Nigeria will no longer tolerate dehumanisation of its citizens in South Africa — Shettima
‘Nigeria is burning’ – Atiku criticises Tinubu over three-week Europe vacation
2027: Opposition coalition push for four-year ‘government of national competence’ plan
