In a significant development, the Central Bank of Nigeria (CBN) has taken immediate action to dismiss the entire Board of Directors of Polaris, Titan, Union, and Keystone Banks. This decision was made during a meeting led by CBN Governor Yemi Cardoso on Wednesday in Abuja.
Sources within the CBN indicate that an official statement officially dissolving the boards will be released shortly. The decision is believed to be a response to the recommendation of the Special Investigator, Jim Obazee, appointed by President Bola Tinubu in July 2023 to investigate the activities of the CBN and other relevant establishments.
The special investigation report accused the former CBN governor, Godwin Emefiele, of acquiring banks for personal gain through proxies. It alleged that Emefiele utilized proxies to acquire Union Bank of Nigeria for Titan Trust Bank Limited and Keystone Bank without providing evidence of payment.
As a result of these findings, the report recommended that the Federal Government reverse the sale of the banks and take over their operations. Further details are expected to be communicated officially in the upcoming statement from the CBN.
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