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
La Liga: Unstoppable Barcelona beat Real Betis 5-2 to extend winning run
EPL: Super Eagles star Iwobi fires Fulham to first league victory
Ogun hospital under fire as Nurse dies of asthma attack amid alleged oxygen failure
Maryam Babangida Center for Women Devt gets first wheel chair ramp after 34 years
Shettima inaugurates Arewa for Asiwaju campaign office in Abuja
2027: ‘APM will beat Tinubu in 12 battleground states’ – Makinde’s campaign team
Veteran Journalist, diplomat Dele Cole dies at 86
Suspended NSCDC commandant apologises over deaths of suspected illegal miners in Niger
EPL: Martinez rushed to hospital after head injury as Chelsea beat Everton
COAS arrives Borno as Military moves to clear terrorist camps, rescue abductees
Macky Sall quits race for UN Secretary-General position
Buhari backed Osinbajo’s presidential ambition four times, Akande tells Babachir Lawal
Dr. Benjamins‑Laniyi urges media to amplify women’s leadership, adopt gender‑sensitive reporting
Pope Leo XIV set to leave hospital after lung cancer surgery
Gunmen kill four vigilantes in Plateau community
Erisco Foods announces 13 job openings across Nigeria – Apply Now
2027: Step down if you are not working for Tinubu – Deji Adeyanju dares Obi, Kwankwaso
House Officers, Nurses, Radiographers, Others wanted as DELSUTH opens recruitment – Apply Now
Tinubu reappoints Bala Bila as INEC commissioner, nominates six others
Panic in Rivers community as pipeline explosion injures 20, razes over 50 houses
Elon Musk unveils Tesla’s ‘flying’ car in stunning demonstration
2027: Kwankwaso a goat in sheep’s clothing, secretly working for Tinubu – Atiku Campaign Council
2027: Tinubu to miss rallies in over 20 States as APC releases campaign timetable
33 Governors cannot be wrong in supporting Tinubu – Bayo Onanuga
Gunmen storm Plateau, kill traditional ruler at residence
2027: ‘Atiku, Obi, Duke, Makinde are not threats to Tinubu’, says APC
2027: ‘Don’t trust your destiny to ‘kalokalo’ people’ – Wike warns Rivers voters against Atiku, Amaechi, Obi
Outrage as suspected cultists unveil renovated police post in Rivers
Atiku fully fit, ready to campaign in all 36 states, interact with Nigerians – ADC PCC
