By Aduragbemi Omiyale

The dissolution of the board of Union Bank of Nigeria (CBN) by the Central Bank of Nigeria (CBN) in January 2024 has been nullified by a Federal High Court in Lagos.

In a judgment on Wednesday, Justice Chukwujekwu Aneke ordered the immediate reinstatement of the affected board members.

This ruling has now invalidated all actions taken by the central bank regarding the lender’s leadership change.

Justice Aneke held that the apex bank had no authority to remove the board members, declaring the CBN’s action as “ultra vires.”

Over two years ago, the central bank changed the boards of Union Bank, Polaris Bank, and Keystone Bank, accusing them of violating “sections of the Banks and Other Financial Institutions Act (BOFIA) 2020.”

The sacking of the Union Bank board happened after it was speculated that its acquisition by Titan Trust Bank was suspicious, with some alleging that the embattled former Governor of the CBN, Mr Godwin Emefiele, sold the lender to a proxy.

“This action became necessary due to the non-compliance of these banks and their respective boards with the provisions of Section 12(c), (f), (g), (h) of the Banks and Other Financial Institutions Act, 2020. The Bank’s infractions vary from regulatory non-compliance, corporate governance failure, disregarding the conditions under which their licenses were granted, and involvement in activities that pose a threat to financial stability, among others,” a part of the statement issued by the Acting Director for Corporate Communications at the CBN, Mrs Sidi Ali Hakama, said.

Later, the apex bank appointed Ms Yetunde Oni as the chief executive of Union Bank, with Mannir Ubali Ringim appointed as an executive director.

After the CBN’s action, Titan Trust Bank, Luxis International, and Magna International, which are the core shareholders of Union Bank, challenged the legality of the action in court.

They asked the court to restrain the CBN, Union Bank and the appointed directors from taking further steps pending the determination of the suit.

At today’s judgment, Justice Aneke granted this prayer, restraining the central bank, its agents and appointees from taking any further steps concerning the financial institution, including actions relating to its proposed recapitalisation or any associated measures.

By Modupe Gbadeyanka

A partnership to expand opportunity, entrepreneurship, and sustainable livelihoods for young people across Africa has been signed by Access Bank and King’s Trust International (KTI).

The cooperation marks a significant milestone in advancing cross‑sector collaboration to address youth unemployment, foster entrepreneurship, and drive inclusive growth across Africa.

Under the agreement, Access Bank will support the delivery of KTI’s programmes that empower young people across several African countries, supporting them to gain skills and find pathways into meaningful employment and self-employment across Africa.

It was learned that the collaboration brings together KTI’s expertise in youth development with Access Bank’s pan‑African reach and long‑standing commitment to inclusive and sustainable growth.

Through this alliance, the two organisations will work to equip young people with the skills, confidence and support needed to build successful futures through employment and entrepreneurship.

“At Access Bank, we believe that empowering young people is fundamental to Africa’s sustainable growth. Our partnership with King’s Trust International reinforces our commitment to entrepreneurship, job creation and inclusive development, while enabling us to play a purposeful role in shaping the continent’s future,” the chief executive of Access Bank, Mr Roosevelt Ogbonna, stated.

The chief executive of KTI, Mr Will Straw, while also commenting, said, “This partnership with Access Bank reflects a shared commitment to unlocking the potential of young people across Africa. By combining our experience in youth development with Access Bank’s scale and leadership across the continent, we can create meaningful pathways to opportunity and long‑term impact.”

The signing ceremony was witnessed by senior leaders and representatives from both organisations, alongside distinguished guests, including Mr Aigboje Aig‑Imoukhuede, who is the co-Chair of KTI Africa Advisory Board and Chairman of Access Holdings Plc.

By Aduragbemi Omiyale

Mr Kennedy Onuwa Okwudili has been appointed to the board of Zenith Bank Plc as an executive director with effect from May 1, 2026.

A statement signed by the company secretary, Mr Michael Otu, disclosed that the appointment aligns with the financial institution’s “tradition and succession strategy of grooming leaders from within” to strengthen its executive management further.

He is joining the board with over 25 years of cognate banking experience spanning credit and marketing, treasury, compliance, as well as operations and has at different times worked in various zones and departments of the lender.

Mr Okwudili graduated with a Bachelor of Science (Honours) in Accounting from the University of Maiduguri, Nigeria, in 1998, with a Second Class Upper Division. He obtained a Master’s of Business Administration (MBA) from Ahmadu Bello University, Zaria, Nigeria, in 2008 and a Master’s of Science in Accounting from Veritas University, Abuja, Nigeria, in 2021.

He is a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN), 2013, and also a Fellow of the Chartered Institute of Bankers of Nigeria, 2024. He is an Associate of the Chartered Institute of Taxation of Nigeria (CITN), 2016.

The banker has attended several executive education programmes both within and outside the country, including Senior Leadership Development Programme at the Lagos Business School, Corporate Directorship Programme at the Harvard Business School and Oxford Advanced Management and Leadership Programme at the University of Oxford, SAID Business School.

He is currently the President of Catholic Bankers Association of Nigeria (CBAN) and a member of the Noble Order of the Knights of St. John International (KSJI).