Prior to the recent court ruling, the Central Bank of Nigeria (CBN) had dissolved the board and management of Union Bank in January 2024, leading to significant changes in the bank’s leadership. This action was met with considerable pushback from the bank’s core shareholders, who challenged the legality of the CBN’s decision.
On March 25, 2026, the Federal High Court in Lagos delivered a decisive ruling, nullifying the CBN’s earlier dissolution of Union Bank’s board and management. Justice Chukwujekwu Aneke ordered the immediate reinstatement of the former leadership, effectively invalidating all actions taken by the CBN regarding the bank’s management.
The court’s decision also included a restraining order against the CBN, preventing it from taking further steps concerning Union Bank, including any actions related to recapitalization. This ruling marked a significant shift in the governance of Union Bank, reinstating the leadership that had been in place prior to the CBN’s intervention.
In January 2024, the CBN had appointed Yetunde Oni as Managing Director/CEO and Mannir Ubali Ringim as Executive Director, but these appointments were rendered moot by the court’s ruling. The core shareholders of Union Bank had previously sought interim relief, which was granted by the court on December 5, 2025, highlighting the ongoing legal battle over the bank’s leadership.
Following the court ruling, the CBN is now in the process of obtaining a Certified True Copy of the court’s decision regarding its takeover of Union Bank. The central bank has expressed its commitment to operate within established legal processes, emphasizing the importance of adhering to the rule of law in financial governance.
Justice Aneke’s statement underscored the court’s position, noting, “The court has effectively invalidated all actions taken by the apex bank in respect of the bank’s leadership change.” This ruling not only reinstates the former board but also raises questions about the CBN’s authority and its future actions concerning Union Bank.
In response to the ruling, the CBN reassured the public, stating, “The CBN assures Nigerians that the status of the Union Bank remains unchanged and is able to meet its obligations to customers, depositors, and stakeholders.” This statement reflects the central bank’s intention to maintain stability in the banking sector despite the legal challenges it faces.
The outcome of this case is likely to have lasting implications for Union Bank and its stakeholders, as well as for the regulatory landscape in Nigeria’s banking industry. As the situation develops, the focus will be on how the CBN navigates its relationship with Union Bank moving forward.