Justice Chukwujekwu Aneke, in his ruling, quashed all selections taken by the CBN-appointed board and directed the quick restoration of the {bank}’s former board and administration.
The courtroom additional restrained the CBN, its appointees and brokers from taking any additional steps, together with actions regarding the proposed recapitalisation of the {bank} or any associated measures.
The apex {bank} had, in January 2024, introduced the dissolution of Union {Bank}’s board and administration, appointing Yetunde Oni as Managing Director/Chief Govt Officer and Mannir Ubali Ringim as Govt Director.
Dissatisfied with the transfer, core shareholders of the {bank} — Titan Belief {Bank}, Luxis Worldwide and Magna Worldwide — approached the courtroom, difficult the legality of the CBN’s motion.
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Of their swimsuit, the shareholders argued that the elimination of the {bank}’s administrators and the proposed recapitalisation by the interim board have been carried out with out due course of, describing the steps as illegal.
They urged the courtroom to droop the CBN, Union {Bank} and the appointed administrators from taking additional actions pending the dedication of the swimsuit.
The courtroom had, on December 5, 2025, granted interim reliefs in favour of the candidates earlier than continuing to listen to the substantive matter.
Defendants within the swimsuit embrace 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} of Nigeria.
With Wednesday’s ruling, the courtroom has successfully invalidated all actions taken by the apex {bank} in respect of the {bank}’s management change, setting the stage for a serious shake-up within the establishment’s governance construction.