CBN Reacts to Court Ruling, Assures Public of Union Bank’s Stability
- The Central Bank of Nigeria has acknowledged a Federal High Court ruling concerning Union Bank
- The country's apex bank said it is reviewing the judgment after obtaining the full document
- Union Bank’s operational and financial status remains unchanged, according to the CBN
Oluwatobi Odeyinka is a business editor at Legit.ng, covering energy, the money market, technology and macroeconomic trends in Nigeria.
The Central Bank of Nigeria (CBN) has reassured the public that Union Bank of Nigeria Plc remains stable and capable of meeting its obligations, following a recent court judgment on the bank’s leadership.
In a statement issued late Wednesday, the apex bank said Union Bank continues to operate normally despite the ruling by a Federal High Court in Lagos concerning regulatory actions taken in January 2024.
Source: UGC
CBN acknowledges court decision
In the statement signed by its acting director of corporate communications, Hakama Sidi Ali, the CBN said it has taken note of the judgment delivered on Wednesday, March 25, 2026.
The bank noted that it is currently in the process of obtaining the Certified True Copy of the judgment for a detailed review.
“The Central Bank of Nigeria acknowledges the judgment delivered by the Federal High Court in Lagos and is reviewing the decision carefully,” the statement said.
The apex bank reiterated its commitment to operating within the framework of the law, stating that all its actions are guided by its regulatory mandate and due process.
It added that it remains dedicated to upholding the rule of law while carrying out its responsibilities in the financial system.
CBN gives assurance to customers, stakeholders
The CBN stressed that the status of Union Bank has not changed as a result of the court ruling.
According to the statement, the bank remains financially sound and fully capable of meeting its obligations to customers, depositors, and other stakeholders.
The regulator also assured that it would continue to provide oversight to ensure the bank operates in a safe and stable manner, while sustaining public confidence in the financial sector.
Background to the dispute
In January 2024, the apex bank dissolved Union Bank’s board and management, appointing Yetunde Oni as managing director/chief executive officer and Mannir Ubali Ringim as executive director.
The decision was challenged in court by the bank’s core shareholders, including Titan Trust, Luxis International, and Magna International.
The investors filed an ex parte motion seeking a judicial review of the CBN’s intervention, arguing that the regulator failed to follow due process.
They also opposed what they described as an “unlawful recapitalisation” plan introduced by the interim board.
As part of their application, the shareholders asked the court to restrain the CBN, Union Bank, and the appointed directors from taking further action pending the determination of the case.
Source: Getty Images
Union Bank: Court nullifies CBN’s dissolution
Earlier, Legit.ng reported that in a judgment delivered on Wednesday, March 25, 2026, the Federal High Court ruled that the CBN acted beyond its statutory powers when it dissolved the board and management of Union Bank.
Justice Chukwujekwu Aneke, who delivered the judgment, set aside all actions taken by the CBN-appointed board and ordered the immediate restoration of the former leadership of the bank.
The court directed that the previous board, led by Farouk Mohammed Gumel, alongside the management team, be reinstated without delay. It also restrained the CBN, its appointed board, and their agents from taking further steps regarding the bank’s recapitalisation or any related actions.
Proofreading by James Ojo, copy editor at Legit.ng.
Source: Legit.ng
