[The Central Bank of Nigeria (CBN), on Wednesday night assured stakeholders that despite the judgment of the Federal High Court in Lagos nullifying its regulatory action on Union Bank of Nigeria Plc (UBN) in January 2024, its status is unchanged.
Justice Chukwujekwu Aneke had on Wednesday, March 25, 2026 declared the
CBN’s dissolution of the Union Bank board and management ultra vires, and ordered the immediate reinstatement of the former board and management.
The court further restrained the CBN, or its agents from taking any further steps concerning the bank, including actions relating to its proposed recapitalisation or any associated measures.
The directive is coming barely five days to the end of the March 31, 2026 regulator deadline for banks in the country to recapitalize.
In a statement, Hakama Sidi Ali (Mrs.), Acting Director, Corporate Communications, said the CBN “is currently obtaining the Certified True Copy of the judgment and will review it carefully, reaffirming its unwavering commitment to the rule of law.”
As the apex regulatory authority, the CBN expressed “committed to acting in accordance with its mandate and established legal processes.
It promised to continue providing the necessary regulatory oversight to ensure Union Bank operates in a safe, sound, and stable manner, while maintaining public confidence in the financial system, expressing that UBN “remains fully capable of meeting its obligations to customers, depositors, and all stakeholders.”
Investdata News recalls that following the dissolution of Union Bank’s board and management and appointment of Yetunde Oni as Managing Director/Chief Executive Officer, alongside Mannir Ubali Ringim as Executive Director, a decision that was challenged by its core shareholders- Titan Trust Bank, Luxis International, and Magna International.
The trio urged the court to restrain the CBN, Union Bank and the appointed directors from taking further steps pending the determination of the suit.
