*Reaffirms oversight, assures stability of the bank
WorldStage– The Central Bank of Nigeria (CBN) has acknowledged the judgment delivered on Wednesday, March 25, 2026, by the Federal High Court in Lagos concerning its regulatory action on Union Bank of Nigeria Plc (UBN) in January 2024.
A Federal High Court in Lagos has ruled that the Central Bank of Nigeria (CBN) acted beyond its statutory powers when it dissolved the board and management of Union Bank of Nigeria in January 2024. The court, led by Justice Chukwujekwu Aneke, has ordered the immediate reinstatement of the bank’s former board and management, led by Chairman Farouk Mohammed Gumel.
CBN in a statement on Wednesday by Hakama Sidi Ali (Mrs.), Ag. Director, Corporate Communications, said it 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 remains committed to acting in accordance with its mandate and established legal processes,” the statement said.
“The CBN assures the public that UBN’s status is unchanged and that it remains fully capable of meeting its obligations to customers, depositors, and all stakeholders.
“The CBN will continue to provide the necessary regulatory oversight to ensure Union Bank operates in a safe, sound, and stable manner, while maintaining public confidence in the financial system.
The CBN had appointed a new management team, including Yetunde Oni as Managing Director/CEO and Mannir Ringim as Executive Director, citing regulatory concerns. However, the bank’s core shareholders, Titan Trust, Luxis International, and Magna International, challenged the move, arguing it was unlawful and violated due process.
The court has also restrained the CBN, its appointed board, and agents from taking further steps regarding the bank’s operations, including plans to recapitalize the institution.
