A Federal High Court in Lagos, has nullified the decision by the Central Bank of Nigeria to remove the board of Union Bank of Nigeria, ruling that the action was unlawful.
In its judgment, Justice Chukwujekwu Anekeheld that the apex bank failed to follow due process in dissolving the bank’s leadership, rendering the move invalid.
The ruling effectively restores the affected board members, overturning the regulator’s earlier directive.
The case marks a significant legal setback for the CBN, raising questions about regulatory procedures and governance in Nigeria’s banking sector. Further details on the implications of the judgment and possible next steps were not immediately disclosed.
