Court nullifies Union Bank board dissolution by CBN.

…orders immediate reinstatement

Justice Chukwujekwu Aneke of the Federal High Court sitting in Lagos on Wednesday nullified the January 2024 dissolution of the board and management of Union Bank of Nigeria by the Central Bank of Nigeria, declaring the action ultra vires.

In his judgment, Justice Aneke set aside all decisions taken by the CBN-appointed board and ordered the immediate reinstatement of the bank’s former board and management.

The court also restrained the CBN, its agents and appointees from taking any further steps concerning the bank, including actions relating to its proposed recapitalisation or any associated measures.

The apex bank had, in January 2024, dissolved Union Bank’s board and management and appointed Yetunde Oni as Managing Director/Chief Executive Officer, alongside Mannir Ubali Ringim as Executive Director.

But dissatisfied with the move, the bank’s core shareholders, Titan Trust Bank, Luxis International, and Magna International, approached the court to challenge the legality of the action.