Court Voids CBN Sack of Union Bank Board, Orders Reinstatement - Newstrends
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Court Voids CBN Sack of Union Bank Board, Orders Reinstatement

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Union Bank of Nigeria
Union Bank of Nigeria

Court Voids CBN Sack of Union Bank Board, Orders Reinstatement

A Federal High Court in Lagos has nullified the decision of the Central Bank of Nigeria to dissolve the board and management of Union Bank of Nigeria, ruling that the action was taken outside its statutory powers.

Delivering judgment on Wednesday, Justice Chukwujekwu Aneke set aside all decisions taken by the CBN-appointed board and directed that the former board and management be restored without delay.

The court also restrained the apex bank and its representatives from taking any further steps regarding the bank’s affairs, including actions linked to the proposed recapitalisation of Union Bank, pending full compliance with due process and applicable laws.

The dispute arose from the CBN’s January 2024 intervention, during which it dissolved the bank’s leadership and installed a new management team, appointing Yetunde Oni as managing director. The regulator had cited concerns over corporate governance and regulatory compliance as reasons for the action.

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However, the move was challenged by the bank’s core shareholders, including Titan Trust Bank and its investment partners, who argued that the intervention breached established legal procedures and undermined shareholder rights.

The plaintiffs contended that while the CBN has supervisory authority over financial institutions under the Banks and Other Financial Institutions Act (BOFIA), such powers must be exercised within clearly defined legal limits and with respect for corporate governance structures.

They further alleged that the dissolution formed part of an attempt to restructure the bank’s ownership and management without due consultation or adherence to statutory provisions.

In an earlier ruling delivered in December 2025, the court granted interim relief restraining further regulatory actions. Wednesday’s judgment, however, provides a final determination, affirming the shareholders’ claims and invalidating the CBN’s actions.

Justice Aneke held that regulatory oversight does not extend to arbitrary dissolution of a bank’s board without following due process. He emphasised that any intervention must comply strictly with the law and respect the rights of shareholders and corporate entities.

The court’s decision effectively restores the pre-2024 leadership structure of Union Bank of Nigeria and nullifies all actions taken by the CBN-appointed management during the disputed period.

Legal analysts say the ruling is a landmark in defining the limits of CBN regulatory powers, particularly in relation to governance interventions in commercial banks. It is expected to influence future regulatory engagements and reinforce the principle of accountability in financial sector oversight.

The judgment also comes at a critical time for Nigeria’s banking industry, where recapitalisation efforts and regulatory reforms are ongoing. Experts note that the decision could prompt a review of how regulatory authorities implement enforcement actions to ensure alignment with legal and constitutional safeguards.

Court Voids CBN Sack of Union Bank Board, Orders Reinstatement

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Dangote Refinery Opens 2026 Graduate Trainee Programme For Young Professionals

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Dangote Refinery
Dangote Refinery

Dangote Refinery Opens 2026 Graduate Trainee Programme For Young Professionals

The Dangote Petroleum Refinery and Petrochemicals has officially announced its 2026 Graduate Trainee Programme, an 18-month structured training initiative designed to develop young Nigerian graduates for careers in the oil and gas industry. The company said the programme will expose participants to real-time refinery operations while preparing them for global-standard industrial roles.

In its statement, the refinery explained that the programme is aimed at offering graduates the opportunity to learn, grow and contribute within a global business environment. It added that successful candidates will be integrated into various departments of the refinery where they will receive hands-on training from experienced professionals.

According to the company, trainees will rotate across different operational and support units throughout the 18-month period, giving them broad exposure to refinery processes, technical systems and corporate operations within one of Africa’s largest energy facilities.

Eligibility and Requirements

The eligibility criteria for the Dangote Refinery 2026 Graduate Trainee Programme include the following:

  • Applicants must be 28 years and below
  • Candidates must possess a Bachelor’s degree, HND, or diploma in relevant fields
  • Applicants must demonstrate academic competence and readiness for industrial training in a high-performance environment

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Technical Roles Requirements

Candidates applying for technical positions must have qualifications in any of the following disciplines:

  • Chemical Engineering
  • Production Engineering
  • Mining Engineering
  • Geological Sciences
  • Laboratory Sciences
  • Biochemistry

Technical Support Roles Requirements

Applicants seeking technical support roles are required to have qualifications in:

  • Mechanical Engineering
  • Electrical Engineering
  • Instrumentation Engineering
  • Power Engineering

Support Function Roles Requirements

Candidates applying for support and administrative roles must have degrees or HNDs in any of the following areas:

  • Accounting and Finance
  • Social Sciences
  • Humanities
  • Business Administration
  • Law
  • Information Technology

The company noted that these categories are designed to ensure a balanced intake of talent across operational, technical and administrative functions within the refinery.

Training Structure and Opportunities

The programme will expose trainees to multiple departments including operations, maintenance, laboratory services, finance and corporate support functions. This structure is intended to equip participants with both technical expertise and managerial competence.

Industry analysts say the programme aligns with the Dangote Group’s broader strategy of building a skilled workforce to support its expanding operations at the Lekki-based refinery, which is among the largest in the world.

The initiative is also viewed as part of efforts to tackle youth unemployment by creating structured entry points into Nigeria’s industrial and energy sectors.

The company added that further details regarding application procedures and deadlines will be released through its official recruitment channels.

As of the time of filing this report, the 2026 Dangote Refinery Graduate Trainee Programme remains one of the most anticipated industrial recruitment opportunities in Nigeria.

Dangote Refinery Opens 2026 Graduate Trainee Programme For Young Professionals

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Meet Jetour G700: The 904HP Luxury beast shaking SUV world

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Meet Jetour G700: The 904HP Luxury beast shaking SUV world

The battle for dominance in the premium SUV market just got fiercer as the Jetour G700 arrives with an outrageous 904-horsepower hybrid powertrain, futuristic luxury features and off-road capabilities designed to embarrass conventional rivals.

Far from being another luxury SUV, the G700 positions itself as a rolling statement of excess, power and cutting-edge engineering — a machine equally comfortable cruising through city boulevards or charging across unforgiving terrain.

At nearly 5.2 metres long, the G700 announces itself with unapologetic aggression.

Its boxy silhouette, towering stance, oversized grille and sharp matrix LED headlamps give it the presence of a military-grade explorer wrapped in executive styling.

But the real drama begins beneath the bodywork.

Powering the SUV is Jetour’s Kunpeng Super Hybrid CDM-O system, which combines a 2.0-litre turbocharged engine with dual electric motors to unleash a staggering 904 horsepower and 1,135Nm of torque.

Those numbers translate into astonishing performance for a vehicle of its size. The G700 rockets from 0 to 100km/h in just 4.6 seconds — territory usually reserved for elite supercars rather than heavyweight SUVs.

Despite its brutal acceleration, the G700 is engineered for endurance. It boasts a driving range of up to 1,400 kilometres, allowing long-distance adventures with fewer charging or refuelling stops.

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Jetour also ensures the vehicle is far more than a straight-line performer.

Its adaptive suspension system, triple differential locks and 970mm wading depth equip it for serious off-road punishment, from rocky trails to flood-prone roads. Adding to its arsenal is the eye-catching “Tank Turn” technology, enabling the SUV to rotate sharply in tight spaces like a military vehicle.

Inside, the G700 swaps rugged toughness for first-class indulgence.

A massive 35.4-inch 3K panoramic display dominates the cabin, creating a futuristic cockpit atmosphere, while premium Nappa leather massage seats deliver limousine-level comfort for occupants.

The luxury experience is amplified by an 18-speaker Lexicon sound system with Dolby Atmos, transforming the interior into a private concert hall on wheels.

Jetour pushes the innovation even further with a suite of unusual features aimed at adventure-focused buyers.

Certain editions come with rear turboprop assistance capable of generating additional thrust for escaping deep mud, while an onboard refrigerator drawer can cool drinks to -6°C or keep meals warm at 50°C.

An integrated oxygen supply system also supports driving at high altitudes, reinforcing the SUV’s long-distance expedition credentials.

Industry observers say the G700 signals Jetour’s intention to aggressively challenge established luxury SUV brands by combining electrified performance, premium comfort and hardcore off-road ability in one package.

The G700 is available in Nigeria through accredited dealerships including Elizade Nigeria Limited, New Era AutoVehicle Services Ltd, Kojo Motors, Germaine Auto Centre and Tab Autos Ltd, R.T. Briscoe and Mandilas Motors.

 

Meet Jetour G700: The 904HP Luxury beast shaking SUV world

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Lasaco Assurance Posts 81.5% Profit Surge in Q1 2026 Results

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Lasaco Assurance Plc

Lasaco Assurance Posts 81.5% Profit Surge in Q1 2026 Results

Lasaco Assurance Plc has begun the 2026 financial year on a strong note, posting an 81.5% increase in profit after tax in its unaudited Q1 2026 financial results, driven by improved underwriting performance, stronger investment returns, and enhanced operational efficiency. The company recorded a profit after tax of ₦2.36 billion, up from ₦1.30 billion in the same period of 2025, reflecting sustained momentum in its core insurance operations in Nigeria.

A key highlight of the performance was the sharp growth in insurance service results, which rose by 119.6% to ₦4.22 billion, compared to ₦1.92 billion in Q1 2025. The company attributed this growth to stronger risk selection processes, improved claims management efficiency, and a more profitable insurance portfolio structure, which helped enhance underwriting margins.

Lasaco Assurance also recorded significant growth in net insurance and investment results, which increased by 74.7% to ₦5.14 billion, up from ₦2.94 billion in the previous year. This performance underscores the company’s ability to balance income from insurance underwriting activities with returns from its investment portfolio, even amid a challenging economic environment.

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The company’s total assets rose by 16.6% to ₦46.20 billion, compared to ₦39.63 billion recorded in March 2025, reflecting steady balance sheet expansion. Cash and cash equivalents also grew by 24.5% to ₦18.45 billion, strengthening liquidity and improving the company’s capacity to meet claims obligations and operational needs. In addition, reinsurance contract assets increased by 34.9%, signalling higher risk-sharing arrangements and improved underwriting capacity.

A major financial highlight was the turnaround in retained earnings, which moved from a negative position of ₦573 million in December 2025 to a positive ₦1.55 billion in Q1 2026. This improvement reflects stronger earnings quality and reinforces shareholder confidence in the company’s long-term financial stability and growth outlook.

The company also reported an 81.5% increase in earnings per share (EPS), which rose to 21.29 kobo from 11.73 kobo, highlighting improved profitability and efficient capital utilisation.

Operating expenses increased by 30.3% to ₦1.81 billion, driven by planned investments in business expansion, technology, and operational improvements. Despite the rise in costs, revenue growth significantly outpaced expenditure, resulting in stronger overall profitability and improved margins.

The Q1 2026 results reflect Lasaco Assurance’s continued focus on product innovation, risk management, and customer service enhancement. With strong earnings growth, improved liquidity, and a healthier balance sheet, the company is positioned to sustain its momentum in Nigeria’s insurance sector performance outlook for 2026.

Lasaco Assurance Posts 81.5% Profit Surge in Q1 2026 Results

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