A Lagos federal high court has delivered a landmark ruling overturning the Central Bank of Nigeria’s (CBN) dismissal of the Union Bank of Nigeria board and management, declaring that the regulator acted beyond its legal powers.
On Wednesday morning, Justice Chukwujekwu Aneke quashed all actions taken by the CBN-appointed board and ordered the immediate restoration of the former board, led by Farouk Mohammed Gumel, along with the bank’s previous management team. The judgment formally invalidates the January 2024 decisions by the CBN to dissolve the board and install new leadership, including Yetunde Oni as managing director/CEO and Mannir Ubali Ringim as executive director.
The litigation was initiated by core shareholders Titan Trust, Luxis International, and Magna International, who had filed an ex-parte motion seeking judicial review of the CBN’s actions. The shareholders argued that the regulator’s steps—including the replacement of directors and a proposed “unlawful recapitalisation” of the bank—were carried out without following proper legal procedures.
The plaintiffs had also requested a suspension preventing the CBN, the bank, and its interim directors from taking further action related to the recapitalisation until the court could rule on the matter. The court granted a provisional order on December 5, 2025, and Wednesday’s judgment represents the final decision in the case.
The defendants named in the suit include the CBN governor, the CBN, the interim board and management of Union Bank, and the bank itself. Legal representation featured prominent senior lawyers: Olasupo Shasore led ALP NG & Co for the investors, while Adeyemi Candide Johnson represented the CBN; Muiz Banire represented the Union Bank directors, and Koyin Ajayi appeared for Union Bank Plc.
The ruling is expected to have wide-ranging implications for regulatory authority in Nigeria’s banking sector, reaffirming judicial oversight in cases where central bank interventions may exceed statutory limits.
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