Court Voids CBN Takeover of Union Bank, Orders Board Reinstatement
Declares apex bank’s intervention in January 2024 unlawful, unconstitutional, ultra vires Says shareholders denied fair hearing, fundamental rights breached Apex bank reacts, says it will obtain CTC for review, reaffirms commitment to rule of law Nume Ekeghe and Wale Igbintade in Lagos
Justice Chukwujekwu Aneke of the Federal High Court, Lagos, has delivered a landmark ruling
declaring that Central Bank of Nigeria (CBN) acted beyond its statutory powers in dissolving the
board and management of Union Bank of Nigeria Plc. The detailed judgement, span-
ning 152 pages and delivered yesterday in Suit No: FHC/L/ MISC/1377/2025, held that
CBN’s January 2024 intervention Continued on page 8
Thursday 26 March, 2026 Vol 31. No 11309. Price: N400
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Dangote Refinery Laments Crude Shortfall, Says Nigeria Supplying About 30% of Needed Volumes Decries mismatch in crude quality, forced to buy Nigerian oil abroad at premium NNPC eyes FIDs in upstream sector, woos investors
Emmanuel Addeh in Abuja and Peter Uzoho in Houston,Texas
The Chief Executive Officer and
Managing Director of the Dangote Refinery, David Bird, yesterday raised concerns over Nigeria’s inability to supply sufficient crude oil to the
facility, disclosing that deliveries under the government’s crude supply arrangement are falling significantly short of agreed volumes.
Speaking in an interview on Arise Television, Bird said the refinery, which is currently operating at its full capacity of 650,000 barrels per day,
requires between 13 and 15 cargoes of crude monthly to meet domestic fuel demand. However, he said the refinery is only receiving about five
cargoes, representing just about 30 per cent of expected supply. Continued on page 8
Turaki: PDP Leaders on Both Sides Have Broken the Ice, Exploring Pathways to Peace
Says party willing to make sacrifices, bend over, but will field candidates in 2027 Hints they’re ready to withdraw all cases, settle out of court ADC must adopt northern strategy to challenge Tinubu, Dele Momodu warns
Story on page 8
SOUTH SOUTH ZONAL CONGRESS OF THE ALL PROGRESSIVES CONGRESS...
L-R: Governor Umo Eno, Akwa Ibom State; Governor Monday Okpebholo, Edo State; Governor Douye Diri, Bayelsa State; President of the Senate, Senator Godswill Akpabio; Governor Sheriff Oborevwori, Delta State; Governor Sim Fubara, Rivers State and Governor Bassey Otu, at the South South Zonal Congress of the All Progressives Congress (APC) in Asaba, Delta State, yesterday PHOTO: SENATE PRESIDENT’S OFFICE