The Central Bank of Nigeria (CBN) has assured depositors that Union Bank of Nigeria remains stable, despite a recent court ruling nullifying its regulatory intervention in the bank.
This follows a judgment delivered by Justice Chukwujekwu Aneke of the Federal High Court in Lagos, which held that the CBN exceeded its powers when it dissolved Union Bank’s board and management in January 2024.
In the ruling, the court set aside all decisions taken by the CBN-appointed board and directed that the former board, led by Farouk Mohammed Gumel, along with the previous management, be reinstated immediately.
The court also restrained the CBN and its representatives from taking further steps regarding the bank’s recapitalisation or related actions.
Reacting to the judgment, the apex bank said it is currently reviewing the decision and has begun the process of obtaining the Certified True Copy of the ruling.
“The Central Bank of Nigeria (CBN) acknowledges 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,” the statement read.
It added, “The Bank is currently obtaining the Certified True Copy of the judgment and will review it carefully, reaffirming its unwavering commitment to the rule of law.”
Despite the legal setback, the CBN emphasized that the bank’s operations remain unaffected.
“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 dispute dates back to January 2024, when the CBN dissolved Union Bank’s leadership and appointed a new management team, including Yetunde Oni as managing director/CEO and Mannir Ubali Ringim as executive director.
The decision was challenged in court by core shareholders — Titan Trust, Luxis International, and Magna International — who argued that the regulator acted without due process.
