
Shockwave in Banking: Court Overturns CBN's Union Bank Takeover, Reinstates Board!
A Federal High Court in Lagos has ruled that the Central Bank of Nigeria's January 2024 dissolution of Union Bank's board was unlawful and unconstitutional, exceeding its statutory powers. The court ordered the immediate reinstatement of the former board and halted the ongoing recapitalisation process, citing a breach of shareholder rights. The CBN has acknowledged the judgment and is reviewing it...











