A Federal High Court in Lagos ruled on Wednesday that the Central Bank of Nigeria (CBN) overstepped its authority in 2024 when it dissolved the board and management of Union Bank of Nigeria, a major commercial lender, and ordered the reinstatement of the original leadership.
Justice Chukwujekwu Aneke annulled all actions taken by the Central Bank’s interim appointees, including efforts toward recapitalization, and barred the bank regulator and its proxies from pursuing further changes without due process.
The decision followed from a lawsuit filed by Union Bank’s core shareholders — Titan Trust, Luxis International, and Magna International — who argued that the Central Bank’s January 2024 intervention, which installed Yetunde Oni as managing director and Mannir Ubali Ringim as executive director, violated legal procedures.
The shareholders secured an interim injunction on December 5, 2025, halting recapitalization plans. Wednesday’s final judgment named as defendants Central Bank Governor Olayemi Cardoso, the bank itself, and a roster of appointees and officials, including Bayo Adeleke, Oluyinka Abimbola Morgan, and Eileen Shaiyen.
The ruling highlights ongoing tensions in the nation’s banking sector amid reforms pushed by the Central Bank to strengthen capital reserves following a 2023 currency devaluation and economic turbulence.
