CBN Sacks Boards Of Union, Titan, Keystone, Polaris Banks

The Central Bank of Nigeria has taken swift action by immediately dismissing the entire Board of Directors overseeing Polaris, Titan, Union, and Keystone Banks.

According to sources within the CBN, the decision was reached during a meeting led by the apex bank’s governor, Yemi Cardoso, on Wednesday in Abuja

The anonymous source hinted that there would soon be an official statement announcing the dissolution of the board of directors.

“The source said, “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.”

The move follows the recommendation of the Special Investigator, Jim Obazee, appointed by President Bola Tinubu in July 2023, to probe the activities of the CBN and other relevant establishments

The report of the special investigation into the activities of the CBN implicated the former governor of the apex bank, Godwin Emefiele, for using ill-gotten wealth to acquire banks for himself through proxies.

The report stated that Emefiele used proxies to acquire Union Bank of Nigeria for Titan Trust Bank Limited and Keystone Bank without any evidence of payment.

As a result, it recommended that the Federal Government should reverse the sale of the banks and take them over.

Kanyi Daily recalls that On Tuesday evening, a group of suspected criminals had targeted Abdullahi Supermarket in One Man Village, near Mararaba in Nasarawa State.