A Federal High Court in Lagos has ruled that the Central Bank of Nigeria (CBN) exceeded its powers in dissolving the board and management of Union Bank of Nigeria in January 2024.

Delivering judgment, Justice Chukwujekwu Aneke nullified all actions taken by the CBN-appointed board and ordered the immediate reinstatement of the former board led by Farouk Mohammed Gumel, along with the bank’s management.

The court also restrained the CBN and its appointed representatives from proceeding with any recapitalisation or related actions involving the bank.

The case was initiated by core investors, including Titan Trust, Luxis International, and Magna International, who challenged the regulator’s decision as a breach of due process and described the proposed recapitalisation as unlawful.

In an earlier ruling on December 5, 2025, the court had halted further actions pending the determination of the case.