NAIJA NEWS
The Central Bank of Nigeria (CBN) has reportedly dissolved the board and management of four Nigerian banks with immediate effect.
Naija News reports that the affected banks include Union Bank, Polaris Bank, Titan Trust Bank, and Keystone Bank.
The action follows the recommendation of Jim Obazee, the Special Investigator appointed by President Bola Tinubu in July 2023 to probe the activities of the CBN and other relevant establishments.
According to Inside Business, the decision to dissolve the boards was taken after a meeting between the CBN Governor, Yemi Cardoso, Obazee, and the board and management of the four banks.
Recall that Obazee, in his report, had revealed that the acquisition of Union Bank by Titan Bank lacked transparency and recommended that the Federal government forfeit the two financial institutions.
Obazee said his team uncovered how Emefiele set up Titan Trust Bank (TTB) to acquire Union Bank of Nigeria and how he used two Dubai-based companies — Luxis International DMCC (Luxis) and Magna International DMCC (MAGNA) — owned by Vink Corporation Middle East FZC, to set up Titan Trust Bank as proxies.
With the help of the Nigerian…
