CBN Launches Legal Challenge Against Union Bank Court Ruling

The Central Bank of Nigeria (CBN) has filed an appeal against a recent Federal High Court decision that nullified its takeover of Union Bank of Nigeria Plc and ordered the reinstatement of the bank’s former board.

In its appeal, the CBN argues that the lower court misinterpreted its regulatory powers and insists that its intervention in the bank was fully within the law.

To strengthen its case, the apex bank has engaged several prominent Senior Advocates of Nigeria, who are expected to argue that the regulator acted within its legal mandate to safeguard the stability of the banking sector.

The appeal also seeks a temporary suspension of the court’s order to reinstate the previous board while the higher court reviews the case. The original ruling had stated that the CBN exceeded its authority when it dissolved Union Bank’s board and installed new management.