In a swift and decisive move, the Central Bank of Nigeria (CBN) has, with immediate effect, ousted the entire Board of Directors of Polaris, Titan, Union, and Keystone Banks. This announcement comes following a high-level meeting led by CBN Governor Yemi Cardoso on Wednesday in Abuja.
Sources within the CBN, speaking on the condition of anonymity, disclosed that an official statement formalizing the dissolution of the board of directors will be released shortly. The source emphasized, “In the next hour, there is going to be official communication from the bank. We are working on it, and an official statement will be sent soon.”
This development stems from the findings of a Special Investigator, Jim Obazee, appointed by President Bola Tinubu in July 2023 to probe the activities of the CBN and other relevant establishments. The investigative report implicated the immediate past governor of the apex bank, Godwin Emefiele, accusing him of acquiring banks through proxies for personal gain.
The report specifically alleged that Emefiele utilized proxies to acquire Union Bank of Nigeria for Titan Trust Bank Limited and Keystone Bank, with no documented evidence of payment. Consequently, the special investigation recommended that the Federal Government reverse the sale of these banks and take them under its control.
Details on this unfolding situation will be provided as soon as they become available. Stay tuned for further updates.
