March 25, (THEWILL) — A Federal High Court sitting in Lagos has ruled that the Central Bank of Nigeria (CBN) acted beyond its statutory powers in dissolving the board and management of Union Bank of Nigeria, declaring the action “ultra vires” and ordering the immediate reinstatement of the bank’s former leadership.
Delivering judgement on Wednesday, Justice Chukwujekwu Aneke held that “the dissolution of the board and management of Union Bank of Nigeria by the Central Bank of Nigeria is ultra vires, null and void”, stressing that the apex bank exceeded its legal authority in taking the action.
The court consequently quashed all decisions taken by the CBN-appointed board, directing that “the former board and management of the bank be restored forthwith.” It further restrained the apex bank, its agents and appointees from taking “any further steps in respect of the bank, including actions relating to the proposed recapitalisation or any similar measures.”
The ruling followed a suit filed by the bank’s core shareholders — Titan Trust Bank, Luxis International and Magna International — who challenged the legality of the CBN’s intervention.
In their submissions, the shareholders argued that the removal of duly appointed directors and the steps taken by the interim management were unlawful. They contended that “the actions of the CBN and its appointees were carried out without due process and in violation of extant corporate governance laws”, urging the court to declare the measures invalid.
The CBN had, in January 2024, announced the dissolution of Union Bank’s board and management and subsequently appointed Yetunde Oni as Managing Director/Chief Executive Officer and Mannir Ubali Ringim as Executive Director.
Pending the determination of the substantive suit, the applicants had also sought interim relief restraining further actions by the apex bank and the appointed directors. The court, on December 5, 2025, granted the request, preserving the status quo.
Defendants in the suit included the CBN Governor, the apex bank, and several individuals linked to the interim management, among them Bayo Adeleke, Yetunde B. Oni, Oluyinka Abimbola Morgan, Ibrahim Musa Oruma, Chiamaka Ezenwa, Mohammed Balarabe, Eileen Shaiyen, Mojisola Olateru-Olagbegi, Mannir Ringim, Taiwo Shote and Kelechi Nwaoba, alongside Union Bank of Nigeria.
With Wednesday’s decision, the court has effectively invalidated all actions taken by the CBN in respect of the bank’s leadership change, reinforcing the position that regulatory powers must be exercised within the limits of the law and in compliance with due process.
Felix Ifijeh is a journalist with years of professional reporting experience. Known for his keen news sense, compelling storytelling and commitment to accurate, impactful reporting, he has built a reputation for turning leads into clear, engaging, and well-structured reports that resonate with readers. His work reflects deep newsroom experience and a commitment to accurate, impactful journalism.
