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CBN Challenges Court Ruling Nullifying Union Bank Bailout.

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The Central Bank of Nigeria (CBN) has filed an appeal against the Federal High Court, Lagos Division’s ruling that nullified its takeover of Union Bank of Nigeria Plc and ordered the reinstatement of the bank’s former board.....KINDLY READ THE FULL STORY HERE▶

The judgment, delivered on March 25, 2026, by Justice Chukwujekwu Aneke, held that the CBN overstepped its statutory powers by dissolving Union Bank’s board and management.

In response, the CBN assembled a legal team of prominent Senior Advocates of Nigeria (SANs) to handle the appeal. The team is led by Yusuf Ali, SAN, and includes Kemi Pinheiro, SAN; Tunde Fagbohunlu, SAN; Uche Val Obi, SAN; and Chukwudi Enebeli, SAN.

Filed on March 26, 2026, the appeal contains 11 grounds challenging the trial court’s decision. The apex bank argued that it acted within its authority under the Central Bank of Nigeria Act and the Banks and Other Financial Institutions Act (BOFIA) 2020 when it intervened in Union Bank’s management.

According to the CBN, evidence presented in court showed that Union Bank was facing severe financial difficulties at the time, including a negative capital adequacy ratio, a capital shortfall exceeding ₦224 billion, and high levels of non-performing loans, which necessitated regulatory intervention to protect the stability of the banking sector.

The CBN also cited Section 34 of BOFIA, which allows the governor to remove directors and officers of a bank in critical condition, and Section 51, which protects regulators acting in good faith in the performance of their statutory duties. The bank contended that the trial court misinterpreted these provisions, resulting in what it described as a miscarriage of justice.

The apex bank argued that the judgment wrongly declared its actions unlawful and unconstitutional, and improperly invalidated decisions made by its appointed management.

Alongside the appeal, the CBN filed a motion seeking a stay of execution of the Federal High Court judgment pending the appeal’s outcome. The motion requests that the reinstated directors and other respondents be barred from taking control of Union Bank, convening board meetings, altering governance structures, or engaging in actions that could destabilize the bank.

The appeal names Titan Trust Bank Limited, Luxis International DMCC, Magna International DMCC, and several former Union Bank directors, including Bayo Adeleke and Yetunde Oni, as respondents. These parties had previously approached the Federal High Court as Union Bank shareholders, challenging the CBN’s intervention.

In an affidavit supporting the stay, the CBN warned that enforcing the lower court ruling could disrupt Union Bank’s operations, undermine public confidence, and create systemic risk. The regulator stressed that maintaining the status quo is essential to safeguard financial system stability while the appellate court considers the case.

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Tinubu Directs Shettima To Lead Nigeria’s Delegation To UNGA

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President Bola Tinubu will not attend the 81st Session of the United Nations General Assembly (UNGA) in New York. Instead, the President has directed Vice President Kashim Shettima to lead Nigeria’s delegation to the annual global gathering.....KINDLY READ THE FULL STORY HERE▶

This decision, announced in a statement on Sunday by the Vice President’s spokesman, Stanley Nkwocha, resolves weeks of uncertainty regarding President Tinubu’s attendance. Nigeria’s Permanent Representative to the UN, Jimoh Ibrahim, had previously indicated that arrangements were being made for the President to attend, including a planned seating arrangement near U.S. President Donald Trump.

The high-level delegation to be led by Vice President Shettima will include Rivers State Governor Siminalayi Fubara, Zamfara State Governor Dauda Lawal, various ministers, and other senior government officials.

Agenda in New York

The 81st UNGA General Debate is scheduled to take place from September 22 to September 28, 2026, under the theme, “Restoring trust, managing transformation: A United Nations that delivers for all.”

According to the Presidency’s statement, Vice President Shettima will represent President Tinubu at the summit. His engagements will include:

  • Delivering Nigeria’s National Statement: Outlining the country’s position on major global issues affecting development, peace, security, and international cooperation.

  • High-Level Meetings: Participating in discussions on critical topics such as the Right to Development and climate action.

  • Bilateral Engagements: Joining the traditional reception for Heads of Delegation and holding a series of meetings with world leaders, heads of international organizations, and development partners.

Through these engagements, the delegation aims to advance President Tinubu’s economic diplomacy, deepen strategic partnerships, and strengthen Nigeria’s advocacy for reform of the global financial architecture, sustainable development, and multilateral cooperation.

This marks the third consecutive UNGA session President Tinubu has missed since assuming office. Vice President Shettima is expected to return to Nigeria at the conclusion of his engagements in New York.

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Massive Bust! NDLEA Intercepts ₦3.4 Billion Worth Of Illicit Drugs In Epic Operation!

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 ....KINDLY READ THE FULL STORY HERE▶

The National Drug Law Enforcement Agency (NDLEA) has seized over 1.3 million pills of tramadol and other opioids, alongside approximately 6,000kg of cannabis, carrying a combined street value exceeding ₦3.4 billion across multiple states and the Federal Capital Territory.

  • Tin-Can Island Port, Lagos: Operatives intercepted 1,200 parcels of Canadian Loud (a potent strain of cannabis) weighing 603.75kg and valued at ₦1.81 billion. The shipment arrived from Montreal on September 12 and was discovered hidden inside 31 black jumbo bags loaded in two Toyota Sienna vehicles within a 40-foot container.

  • Delta State: Operatives arrested 49-year-old Innocent Ekpe and his accomplice, 39-year-old Nduka Joseph, along the Benin-Onitsha Expressway in Asaba. Ekpe was transporting 292.48kg of skunk in a silver Toyota Sienna bus and had been using a forged police ID card to pose as a Deputy Superintendent of Police named Godwin Emeka to bypass security checkpoints.

  • Edo State: Acting on intelligence, operatives raided an auto-repair workshop on Agbor Road, Benin City, arresting 45-year-old Matthew Ossai and recovering 48kg of Canadian Loud and 152g of methamphetamine used as a front for storage.

  • Niger State: Three suspects—Bashir Usman (20), Abubakar Nuhu (18), and Abdulrahman Abdulwahab (18)—were arrested along the Abuja-Kaduna Expressway. They were found with two locally fabricated AK-47 rifles, a pistol, magazines, and 9mm ammunition concealed in a travel bag.

  • Abaji-Abuja Highway: Authorities arrested Aminu Isyaku (23) and Jamilu Habibu (25), recovering over 1.1 million assorted tramadol pills, codeine syrup, methamphetamine, and Exol tablets hidden in eight sacks while traveling from Onitsha to Mararaba.

  • Lagos (Surulere & Apongbo): Onyeka Ofor was arrested in Aguda with 48,900 pills of tramadol 225mg, Luke Ugokwe was nabbed after 59kg of cannabis was intercepted at a logistics company, and Ibrahim Hudu (43) was arrested with 998.38kg of nitrous oxide gas.

  • Gombe State: 154,480 capsules of tramadol were recovered from Sabi’u Umar (27) and Hassana Muhammad (19) in separate arrests at Barunde and the Gombe Main Market.

Agency Commendation

Following the operations, the NDLEA Chairman, Brig. Gen. Mohamed Buba Marwa (retd.), commended the officers and men across the affected commands, urging them to maintain intelligence-driven strategies and a balanced approach to drug control nationwide.

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2027: Lagos APC Bans Candidates From Travelling Abroad.

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The Lagos State chapter of the All Progressives Congress (APC) has issued a directive requiring all its candidates to remain in Nigeria until the conclusion of the 2027 general election.....KINDLY READ THE FULL STORY HERE▶

The announcement was made by the state party chairman, Pastor Cornelius Ojelabi, during the inauguration of the Tinubu-Hamzat Campaign Council at the APC secretariat in Ogba, Ikeja.

According to Ojelabi, this measure is designed to ensure that all candidates and party members remain fully focused on campaign preparations and mobilization activities. He also cautioned against underestimating opposition parties, stressing the need for total commitment to the electoral process.

Key Highlights from Chairman Ojelabi’s Address:

  • Travel Ban: “No candidate is allowed to travel outside the country until after the general election.”

  • Campaign Conduct: Ojelabi called for a peaceful campaign, free of hatred, thuggery, and violence, emphasizing that unity must be the party’s strength.

  • A Case for Continuity: Highlighting Lagos as responsible for 33% of Nigeria’s GDP, he argued that the state is too critical to be left to “trial and error.” He praised the president for stabilizing the economy, achieving a trade surplus, and driving key reforms in agriculture, the Lekki Trade Zone, and taxation (including the first tax reform since 1938).

  • Call to Action: He urged members to actively mobilize voters for the entire APC ticket, encompassing the presidential, senatorial, House of Representatives, and House of Assembly candidates.

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