February 28, 2024

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.

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