Bad Faith or Prudence? Court Questions CBN’s Takeover of Union Bank

Two near-identical articles recently appeared alleging controversial transactions as the basis for the CBN’s takeover of Union Bank. Their timing and matching content raised questions about journalistic accuracy and intent. A Federal High Court ruled the CBN acted in bad faith when it dissolved the bank’s board and management. The judgment ordered the reinstatement of directors and awarded $190 million to shareholders, prompting an immediate CBN appeal and stay request. Key issues include a merger approval followed by a hold-up on a proposed holding company, delayed forensic reports used as pretext, and attempts to dilute core shareholders. These facts suggest there may be more behind the regulatory intervention than public statements reveal.

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