Court Reverses CBN Action
Sponsored Ads
In Lagos on Wednesday, a Federal High Court nullified the Central Bank of Nigeria’s 2024 decision to dissolve the board and management of Union Bank.
LIST OF APPLICATIONS FOR REGULARISATION OF AREA COUNCIL LAND DOCUMENTS NULLIFIED/CANCELLED BY THE HONOURABLE MINISTER OF FCT
The court ruled that the action was beyond the powers of the apex bank and ordered the immediate return of the former leadership.
LIST OF APPLICATIONS FOR REGULARISATION OF AREA COUNCIL LAND DOCUMENTS NULLIFIED/CANCELLED BY THE HONOURABLE MINISTER OF FCT
The judgment followed a legal challenge by the bank’s major shareholders.
RELATED STORIES
Related Posts
The dispute began after the CBN removed the bank’s leadership in January 2024 and appointed a new management team.
Shareholders, including Titan Trust Bank and others, challenged the move in court, arguing that due process was not followed and the actions were unlawful.
With the ruling, the court has reshaped the bank’s leadership structure and set aside the apex bank’s intervention.
The decision is expected to have wider implications for regulatory powers and corporate governance within the banking sector.
Comments are closed.