The Central Bank of Nigeria (CBN) has reiterated that it still oversees Union Bank of Nigeria, confirming that the bank’s status remains the same despite recent court decision.
On Wednesday, Justice Chukwujekwu Aneke of the Federal High Court in Lagos reversed the January 2024 decision by the Central Bank of Nigeria to dissolve the board and management of Union Bank of Nigeria, ruling that the move was beyond the bank’s authority.
The court’s decision reinstated the Farouk Gumel-led board at the bank and, removed the CBN-appointed management, ending the tenure of Yetunde Oni as Managing Director and Mannir Ubali Ringim as Executive Director.
On December 5, 2025, Justice Aneke granted interim relief to the bank’s core shareholders—Titan Trust Bank, Luxis International, and Magna International—before hearing the main case.
In Wednesday’s ruling, he also barred the CBN, along with its agents and appointees, from taking any further action regarding the bank, including moves related to its proposed recapitalisation or any connected measures.
In a statement, Hakama Sidi Ali, Acting Director of Corporate Communications at the CBN, said the bank acknowledged the court’s judgment on its regulatory action involving Union Bank and is awaiting 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.
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“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.
“As the apex regulatory authority, the CBN remains committed to acting in accordance with its mandate and established legal processes.
“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.”
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