Central Bank of Nigeria Removes Boards of Union, Keystone, Polaris, and Titan Trust Banks

The Central Bank of Nigeria has promptly dismissed the entire Board of Directors overseeing Polaris, Titan, Union, and Keystone Banks. The decision was made in a meeting led by the apex bank’s governor, Yemi Cardoso, in Abuja on Wednesday. An official statement dissolving the boards will be issued shortly, according to anonymous CBN sources.

This action stems from the findings of a Special Investigator, Jim Obazee, appointed by President Bola Tinubu in July 2023, to examine the activities of the CBN and other relevant institutions. The investigation report accused the former CBN governor, Godwin Emefiele, of using unlawfully acquired wealth to acquire banks through proxies. The report recommended that the Federal Government reverse the sale of the banks and take control of them.