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

The Central Bank of Nigeria, CBN, has sacked the Union Bank, Titan Trust, Keystone Bank and Polaris Bank boards on Wednesday.

All four banks are involved in the special investigations into how the CBN was run under Godwin Emefiele.

A source at one affected bank who spoke with DAILY POST anonymously confirmed the development.

“It is true; I am sure the Central Bank of Nigeria will soon release a statement on the issue,” he said.

As of the report’s filing, the acting director of corporate communications at CBN, Hakama Sidi Ali, has not responded to the inquiry.

The CBN Act 2007 empowers it to approve and dismiss commercial banks’ boards.

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

He recommended that the federal government recover the banks.