Nigeria, March 25 -- The Federal High Court in Lagos has ruled that the Central Bank of Nigeria (CBN) acted outside its statutory authority in dissolving the board and management of Union Bank of Nigeria Plc, declaring the January 2024 intervention unlawful.

Delivering judgement on Wednesday in a suit marked FHC/L/MISC/1377/2025, the judge, Chukwujekwu Aneke, held that 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 b...