By Boluwatife Oshadiya | March 26, 2026
Key Points
- CBN says it will review Federal High Court ruling on Union Bank board dissolution
- Court nullified regulator’s 2024 intervention and ordered reinstatement
- Apex bank insists Union Bank remains stable and fully operational
Main Story
The Central Bank of Nigeria (CBN) says it is reviewing a Federal High Court judgment that nullified its 2024 regulatory intervention in Union Bank of Nigeria, while maintaining that the lender remains financially stable.
In a statement issued Wednesday, the apex bank confirmed that the ruling, delivered on March 25, 2026, relates to its dissolution of Union Bank’s board and management in January 2024 over alleged regulatory breaches.
The CBN said it is currently obtaining the Certified True Copy of the judgment and will assess its legal implications before determining its next steps.
The ruling, delivered by Justice Chukwujekwu Aneke of the Federal High Court in Lagos, held that the regulator acted beyond its statutory powers. The court ordered the reinstatement of the bank’s former board and management and restrained the CBN from further intervention actions, including recapitalisation directives.
Despite the judgment, the apex bank moved quickly to reassure stakeholders, stating that Union Bank remains fully capable of meeting its obligations to depositors and counterparties, with no disruption to operations.
The case was initiated by core shareholders, including Titan Trust Bank, Luxis International, and Magna International, challenging the legality of the CBN’s intervention.
What’s Being Said
“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,” said Hakama Sidi-Ali, Acting Director of Corporate Communications, CBN.
An independent banking analyst, Kunle Adeyemi, noted: “This ruling raises important questions about the limits of regulatory authority, particularly in crisis interventions within Nigeria’s banking sector.”
What’s Next
- CBN expected to decide on possible appeal after reviewing judgment
- Legal clarity on regulatory powers may emerge in appellate courts
- Market participants to monitor potential governance changes at Union Bank
The Bottom Line:
The ruling challenges the scope of the CBN’s intervention powers, but immediate financial stability risks appear contained. The real impact will depend on whether the regulator escalates the case or recalibrates its supervisory approach.
 says it is reviewing a Federal High Court judgment that nullified its 2024 regulatory intervention in Union Bank of Nigeria, while maintaining that the lender remains financially stable.){kind=link}