The Central Bank of Nigeria (CBN) has ousted the entire Board of Directors overseeing Polaris, Titan, Union, and Keystone Banks, effective immediately.
Sources from within the CBN reveal that this decision was made during a meeting chaired by the apex bank’s governor, Yemi Cardoso, on Wednesday in Abuja.
An anonymous source hinted at an impending official statement dissolving the board of directors, stating, “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.”
This action follows recommendations from Special Investigator Jim Obazee, appointed by President Bola Tinubu in July 2023 to investigate the activities of the CBN and other relevant establishments.
The report from this special investigation accused the immediate past governor of the apex bank, Godwin Emefiele, of using illicitly acquired wealth to purchase banks for himself through proxies. According to the report, Emefiele allegedly employed proxies to acquire Union Bank of Nigeria for Titan Trust Bank Limited and Keystone Bank, without any evidence of payment.
As a consequence, the report recommended that the Federal Government intervene, reversing the sale of the banks and taking them back under its control. Stay tuned for further developments as the official statement from the CBN is expected shortly.