In a landmark judgment, a federal high court sitting in Lagos has ruled that the Central Bank of Nigeria (CBN) acted beyond its powers when it sacked the board and management of Union Bank of Nigeria in January 2024.
Delivering the judgment on Wednesday morning, Justice
Chukwujekwu Aneke quashed all the decisions and steps taken by the
CBN-appointed board and ordered that the former board and management be
restored.
The court also prohibited the CBN and its appointed board
and their agents from taking any step or continuing any steps towards
recapitalisation or any other related act.
In January 2024, the CBN announced the dissolution of the
board and management of the Union Bank, appointing Yetunde Oni as the managing
director/chief executive officer and Mannir Ubali Ringim as the executive
director.
The core shareholders — Titan Trust, Luxis International and
Magna International — launched the litigation by filing an ex-parte motion at
the federal high court in Lagos to seek a judicial review of CBN’s actions so
far.
They challenged the decision of the CBN to replace the
existing directors of Union Bank as well as the proposed “unlawful
recapitalisation” of the bank by the interim board — all allegedly done without
following due process.
They also sought a suspension of the CBN, Union Bank and the
directors “from taking any further action in respect of the Proposed Unlawful
Recapitalisation pending the determination of the judicial review
applications”.
On December 5, 2025, the court granted the order and has now
delivered the final judgment.
The defendants in the suit are the CBN governor, the CBN,
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 Union Bank.
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