The Digest:A Federal High Court in Lagos has nullified the Central Bank of Nigeria's January 2024 dissolution of Union Bank's board and management, declaring the action ultra vires. Justice Chukwujekwu Aneke quashed all decisions taken by the CBN-appointed board and ordered the immediate restoration of the bank's former leadership. The court also restrained the CBN and its appointees from taking further steps regarding the bank's recapitalization or related measures. The ruling followed a suit filed by core shareholders who argued the removal was carried out without due process.
Key Points:
- The court's decision effectively invalidates over two years of decisions made by the CBN-appointed board at Union Bank.
- The ruling restores the former board and management, setting the stage for a major governance shake-up at the institution.
- The CBN had dissolved the board in January 2024, appointing Yetunde Oni as MD/CEO and Mannir Ringim as Executive Director.
- Core shareholders argued that the removal and subsequent recapitalization plans were carried out unlawfully and without due process.
- The court had granted interim relief in December 2025 before proceeding to deliver the substantive ruling.
Sources: Vanguard News, Punch
