Nigeria, March 28 -- The Central Bank of Nigeria (CBN) has appealed against the recent judgement of the Federal High Court in Lagos, which nullified its its dissolution and takeover of the board and management of Union Bank of Nigeria Plc during its January 2024 intervention.

PREMIUM TIMES reported that the trial judge, Chukwujekwu Aneke, ruled that the CBN's actions were ultra vires and not in compliance with the provisions of the Banks and Other Financial Institutions Act 2020 (BOFIA).

According to the court filings, Titan Trust Bank Limited, alongside Luxis International DMCC and Magna International DMCC, claimed to be the ultimate beneficial owners of Union Bank.

They challenged the CBN's dissolution of the bank's board, the appoin...