Connect with us

Business

Trouble in Paradise? CBN Sacks Boards Of Union Bank, Keystone Bank, Polaris, Titan Trust

Published

on

The Central Bank of Nigeria has, with immediate effect, sacked the entire Board of Directors governing Polaris, Titan, Union and Keystone Banks.

CBN sources say the decision was taken in a meeting led by the apex bank’s governor, Yemi Cardoso, on Wednesday in Abuja.

The source who pleaded anonymity, hinted that an official statement dissolving the board of directors will be sent shortly.

The source said, “In the next hour, there is going to be official communication from the bank. We are working on it and an official statement will be sent soon.”

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 using ill-gotten wealth to acquire 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.


For Diaspora Digital Media Updates click on Whatsapp, or Telegram. For eyewitness accounts/ reports/ articles, write to: citizenreports@diasporadigitalmedia.com. Follow us on X (Fomerly Twitter) or Facebook

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Latest Updates

UK university offers £33k scholarships, £4k flight allowances to Nigerians, others

BREAKING: Nigerian Government Suspends Dana Air Over Safety Concerns

Eating catfish as a taboo in Nigerian communities (Part 1)

Naira exchange rate for Wednesday, April 24, 2024, in Nigeria

Google sacks over 50 workers for protesting against deal with Israel

Labour Party sacks State Chairman, Lincoln Charles, after 13 years

“I will resign if I do not see the Yahaya Bello case through to the end” – EFCC Chairman (VIDEO)

HURIWA implores Nigerian Governor to end banditry, rape by armed herdsmen

Sirika, Nigeria’s former Aviation Minister, arrested over alleged N8bn fraud

Kenya to deport fugitive Binance Chief to Nigeria

Subscribe to DDM Newsletter for Latest News