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By Godswill Michael
The Central Bank of Nigeria (CBN) has reaffirmed its regulatory oversight of Union Bank of Nigeria Plc, assuring customers and stakeholders that the bank remains stable and fully capable of meeting its obligations, despite a recent court ruling nullifying its prior intervention.
In a statement issued late Wednesday, and signed by its Acting Director of Corporate Communications, Sidi Ali, the apex bank said it acknowledges the judgment delivered by the Federal High Court in Lagos concerning its January 2024 regulatory action on the bank. The CBN noted that it is in the process of obtaining the Certified True Copy of the judgment for detailed review, reiterating its commitment to the rule of law and due process.
The reassurance comes against the backdrop of a landmark ruling by Justice Chukwujekwu Aneke, who set aside the CBN’s dissolution of Union Bank’s board and management, declaring the move ultra vires and beyond the statutory powers of the regulator. The court also ordered the immediate reinstatement of the bank’s former directors and restrained the CBN from taking further actions affecting the bank’s governance or proposed recapitalisation.
Despite the legal setback, the CBN maintained that Union Bank’s operational and financial standing remains 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 statement read.
It added that it would continue to provide the necessary oversight to ensure the institution operates in a safe and sound manner.
“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 apex bank added.
The dispute traces back to January 2024, when the CBN dissolved Union Bank’s board and appointed an interim management team led by Yetunde Oni as Managing Director/Chief Executive Officer and Mannir Ubali Ringim as Executive Director. The intervention was widely viewed as part of regulatory efforts to stabilise the bank and support a planned recapitalisation process, particularly following heightened scrutiny of governance practices and capital adequacy after the bank’s acquisition by Titan Trust Bank.
However, the move was challenged in court by core shareholders, including Titan Trust Bank, Luxis International, and Magna International, who argued that the regulator’s actions breached established corporate governance rules and lacked due process. An earlier interim order issued on December 5, 2025, had already restrained the CBN and the appointed management from taking key decisions pending the final determination of the case.
Delivering judgment on the substantive suit, Justice Aneke ruled that the apex bank’s action had no legal foundation, effectively nullifying all decisions taken by the CBN-appointed board during its tenure.
The CBN, however, signalled continuity in its supervisory role, stressing that it would act strictly within its legal mandate while maintaining public confidence in the financial system.