Court Halts CBN Moves on Union Bank, Orders Return of Original Leaders

"The ruling also bars the apex bank.the board it appointed, and all their representatives from starting or continuing any process linked to the bank’s recapitalisation or similar steps"

Per Second NewsMarch 25, 20261 Mins read470

A Federal High Court in Lagos has found that the Central Bank of Nigeria exceeded its authority by removing the board and management of Union Bank of Nigeria in January 2024.

Justice Chukwujekwu Aneke handed down the decision on Wednesday, cancelling every action and decision made by the CBN-installed board and instructed that the previous board and management team must be reinstated immediately.

The ruling also bars the apex bank, the board it appointed, and all their representatives from starting or continuing any process linked to the bank’s recapitalisation or similar steps.

Persecondnews recalls that in January 2024, the CBN had publicly declared the full dissolution of Union Bank’s board and management.

It named Yetunde Oni as the new Managing Director and Chief Executive Officer, and Mannir Ubali Ringim as Executive Director.

The bank’s core shareholders—Titan Trust, Luxis International, and Magna International—responded by filing an ex-parte motion at the Federal High Court in Lagos.

They asked for a judicial review of the CBN’s entire handling of the matter.

The shareholders argued that the CBN wrongly replaced the existing directors and pushed an “unlawful recapitalization” through the interim board without following proper procedures.

They further demanded that the CBN, Union Bank, and the directors involved be prevented from taking any additional steps on the proposed recapitalisation until the court completed its review.

On 5 December 2025 the court granted the interim order the shareholders requested. It has now issued the final verdict.

The defendants listed in the suit include the CBN governor, the Central Bank of Nigeria, 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 the Union Bank.