The Pathfinder
Wednesday March 25, 2026
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Justice Chukwujekwu Aneke of the Federal High Court in Lagos on Wednesday declared the January 2024 dissolution of Union Bank of Nigeria’s board and management by the Central Bank of Nigeria (CBN) null and void, describing the action as ultra vires.
In his ruling, Justice Aneke set aside all decisions taken by the CBN-appointed board and ordered the immediate reinstatement of the bank’s former directors and management.
He also restrained the apex bank, its agents, and appointees from taking further steps regarding the bank, including recapitalisation or related measures.
The CBN had in January 2024 dissolved Union Bank’s board, appointing Yetunde Oni as Managing Director/CEO and Mannir Ubali Ringim as Executive Director.
The move was challenged by the bank’s core shareholders—Titan Trust Bank, Luxis International, and Magna International—who argued that the removal of directors and the proposed recapitalisation were carried out without due process.
The court’s decision follows an interim relief granted in December 2025 and effectively invalidates all actions taken by the apex bank regarding the leadership change, setting the stage for a major governance reset at Union Bank.
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