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A Federal High Court in Lagos has nullified the decision of the Central Bank of Nigeria (CBN) to dissolve the board and management of Union Bank of Nigeria, ruling that the action was taken outside its statutory powers.
Delivering judgment on Wednesday, Justice Chukwujekwu Aneke set aside all decisions taken by the CBN-appointed board and directed that the former board and management be restored without further delay.
The court further restrained the apex bank and its appointed representatives from taking any additional steps concerning the bank’s affairs, particularly the proposed recapitalisation, pending full compliance with due process.
The dispute stems from the CBN’s January 2024 decision to sack the bank’s leadership and install a new management, including Yetunde Oni as managing director.
However, the move was promptly challenged by the core shareholders, including Titan Trust and others, who approached the court for redress.
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They argued that the regulator’s intervention was carried out in breach of established legal procedures and sought to halt what they described as an unlawful attempt to restructure the bank’s ownership and governance framework.
In an earlier ruling delivered in December 2025, the court had granted interim relief restraining further action.
Wednesday’s judgment, however, brings the matter to a decisive close, affirming the position of the shareholders.
The ruling is widely regarded as a significant pronouncement on regulatory limits within the banking sector, and it is expected to shape future engagements between financial institutions and the apex bank.
