Justice Chukwujekwu Aneke of the Federal High Court sitting in Lagos on Wednesday nullified the January 2024 dissolution of the board and management of Union Bank of Nigeria by the Central Bank of Nigeria, declaring the action ultra vires.
In his judgment, Justice Aneke set aside all decisions taken by the CBN-appointed board and ordered the immediate reinstatement of the bank’s former board and management.
The court also restrained the CBN, its agents and appointees from taking any further steps concerning the bank, including actions relating to its proposed recapitalisation or any associated measures.
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The apex bank had, in January 2024, dissolved Union Bank’s board and management and appointed Yetunde Oni as Managing Director/Chief Executive Officer, alongside Mannir Ubali Ringim as Executive Director.
Following a court-ordered meeting of shareholders on 28 December 2023 and subsequent sanctioning of the scheme, the official merger process between Union Bank of Nigeria and Titan Trust Bank was concluded, with Union Bank of Nigeria existing as the surviving entity.
But dissatisfied with the move, the bank’s core shareholders, Titan Trust Bank, Luxis International, and Magna International, approached the court to challenge the legality of the action.
The shareholders argued that the removal of the bank’s directors and the proposed recapitalisation by the interim board were carried out without due process and were therefore unlawful.
They urged the court to restrain the CBN, Union Bank and the appointed directors from taking further steps pending the determination of the suit.
Earlier, on December 5, 2025, the court granted interim relief in favour of the applicants before proceeding to hear the substantive matter.
With Wednesday’s ruling, the court has effectively invalidated all actions taken by the apex bank in respect of the bank’s leadership change, setting the stage for a major shake-up in the institution’s governance structure.
PUNCH
