A Federal Excessive Courtroom sitting in Lagos has nullified the Central {Bank} of Nigeria’s (CBN) determination to dissolve the board and administration of Union {Bank} of Nigeria.
Delivering judgment on Wednesday, Justice Chukwujekwu Aneke dominated that the apex {bank} acted past its authorized powers in sacking the {bank}’s management in January 2024.
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The court docket consequently ordered the instant reinstatement of the {bank}’s former board and administration, successfully reversing all actions taken by the CBN-appointed management.
It additionally restrained the CBN, its brokers, and appointees from taking any additional steps referring to the {bank}, together with actions tied to the proposed recapitalisation.
The apex {bank} had, in January 2024, dissolved Union {Bank}’s board and administration and appointed new executives, together with Yetunde Oni as Managing Director/Chief Govt Officer and Mannir Ringim as Govt Director.
Nevertheless, the choice was challenged in court docket by core shareholders of the {bank}, together with Titan Belief {Bank}, Luxis Worldwide, and Magna Worldwide, who argued that the elimination of the board and subsequent actions have been carried out with out due course of.
The shareholders had earlier secured interim reliefs in December 2025, pending the willpower of the substantive go well with.
With the most recent ruling, all choices taken by the CBN-appointed board have been put aside, paving the way in which for a major shift within the governance construction of the {bank}.
Times Nigeria