CBN Fires Boards of Titan Trust Bank, Keystone Bank, Union Bank, Polaris Bank in Major Shakeup
- The Central Bank of Nigeria has dissolved the board of directors of four deposit money banks in the country
- The banks are Polaris, Titan, Union, and Keystone banks entangled in the investigation conducted by the CBN
- The investigation found that former CBN governor Godwin Emefiele used proxies to acquire banks for personal purposes
Legit.ng journalist Zainab Iwayemi has over three years of experience covering the Economy, Technology, and Capital Market.
The entire board of directors of Polaris, Titan, Union, and Keystone banks have been fired by the Central Bank of Nigeria, effective immediately.
Source: UGC
According to CBN sources, Yemi Cardoso, the apex bank governor, presided over a meeting on Wednesday in Abuja when the decision was made.
The source told Punch:
“In the next hour, there will be official communication from the bank. We are working on it, and an official statement will be sent soon.”
The measure is in response to Special Investigator Jim Obazee's recommendation; President Bola Tinubu appointed Obazee in July 2023 to investigate the CBN's and other pertinent establishments' operations.
Godwin Emefiele, the immediate governor of the apex bank, was charged with using proxies to acquire banks for personal purposes.
According to the finding, Emefiele acquired Union Bank of Nigeria for Titan Trust Bank Limited and Keystone Bank through proxies without proof of payment.
Earlier, Legit.ng reported that President Bola Tinubu, through the Economic and Financial Crimes Commission (EFCC), has dug deep in his quest to unveil the alleged fraudulent foreign exchange that crippled the naira against the dollar during the time of Emefiele as governor of the Central Bank of Nigeria.
According to The Punch, the anti-graft agency had written to more than 85 entities, including corporate organisations and individuals, over its ongoing investigation into the allegation that fraudulent foreign exchange rates were rampant under the embattled former governor of the CBN, Emefiele.
New bank set to commence operations in Nigeria, awaits CBN approval
Legit.ng reported that the Nigerian Legion has announced that it will establish a microfinance bank so its members can obtain soft loans free from the typical restrictions of commercial banks.
Major General Abdul Malik Jibril, the chairman of the Nigerian Legion, made this announcement at a news conference in Abuja, according to a Daily Trust report.
Legit.ng earlier reported that another commercial bank began operation in Nigeria, appointing MD to rival Zenith, Access, and Others.
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Source: Legit.ng
