CBN dissolves boards of Titan Trust, Union, Keystone, Polaris banks

By Abiodun OBA

The boards and management teams of Titan Trust Bank, Union Bank, Keystone Bank, and Polaris Bank have been dissolved with immediate effect.

The Central Bank of Nigeria (CBN) announced the dissolution following a meeting involving Yemi Cardoso, Jim Obazee, the special investigator appointed to scrutinise the actions of former CBN Governor Godwin Emefiele, and the respective boards and managements of the four banks.

The action 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 had accused the immediate past governor of the apex bank, Godwin Emefiele, of acquiring 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 reverse the sale of the banks and take them over.