CBN Sacks Union Bank, Titan Trust, Keystone Bank, Polaris Bank Boards

The Central Bank of Nigeria (CBN) has dissolved the boards and management of Titan Trust Bank, Union Bank, Polaris Bank, and Keystone Bank following a report submitted by the Special Investigator, Jim Obazee, to President Bola Tinubu.

The decision was made after a meeting involving CBN Governor Yemi Cardoso, Obazee, and the boards of the four banks.

Titan Trust Bank’s Chairman, Tunde Lemo, and others were summoned to prove the acquisition of Union Bank, with a risk of losing the financial institution to the Nigerian government.

The report alleged that former CBN governor Godwin Emefiele used proxies to acquire Union Bank, linking late Alhaji Ismaila Isa Funtua and Emefiele to the acquisition of Keystone Bank and Polaris Bank.

The Special Investigator recommended the government take over the banks due to the failure of purported shareholders to provide necessary documents.

Lemo rejected the assertion, requesting seven days for shareholders to prove ownership or forfeit the banks to the Federal Government.