BREAKING: CBN fires boards of Titan Trust, Keystone, Polaris, Union banks

The Central Bank of Nigeria (CBN), on Wednesday, sacked the boards of Union Bank, Titan Trust, Keystone Bank, and Polaris Bank. The move comes in the wake of an ongoing special investigation delving into the operations of the CBN during Godwin Emefiele’s tenure.

A source within one of the affected banks confirmed the dismissals, stating, “It is true; I am sure the Central Bank of Nigeria will soon release a statement on the issue.”

As of the time of reporting, Hakama Sidi Ali, the acting director of corporate communications at CBN, has not responded to inquiries regarding the matter.

The CBN, operating under the authority granted by the CBN Act of 2007, possesses the mandate to approve and dismiss the boards of commercial banks.

This action follows the recommendations of Special Investigator Jim Obazee, appointed by President Bola Tinubu in July 2023 to investigate the activities of the CBN and other pertinent institutions.

The investigative report alleges that Emefiele utilized proxies to acquire Union Bank of Nigeria for Titan Trust Bank Limited and Keystone Bank, with no substantiated evidence of payment.