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CBN dissolves the boards of Union Bank, Polaris and Keystone

The Central Bank of Nigeria (CBN) has reportedly dissolved the board and management of four Nigerian banks with immediate effect.

The action follows the recommendation of Jim Obazee, the Special Investigator appointed by President Bola Tinubu in July 2023 to investigate the activities of the CBN and other relevant institutions.

According to Inside Business, the decision to dissolve the boards was taken after a meeting between CBN Governor Yemi Cardoso, Obazee, and the board and management of the four banks.

Recall that Obazee had revealed in his report that the takeover of Union Bank by Titan Bank was not transparent and he had recommended that the Federal Government abandon the two financial institutions.

Obazee said his team discovered how Emefiele set up Titan Trust Bank (TTB) to take over Union Bank of Nigeria and how he leveraged two Dubai-based companies – Luxis International DMCC (Luxis) and Magna International DMCC (MAGNA) – ownership from Vink Corporation Middle. East FZC, to set up Titan Trust Bank as powers of attorney.

With the assistance of the Nigerian Embassy in the UAE, the panel report said the two companies have no physical presence in Dubai as claimed in their takeover documents.

The dissolution comes after the investors in Titan Trust Bank refused to honor the invitation to meet with the special investigator.

All four banks are involved in the special investigation into the manner in which the CBN was run under Godwin Emefiele, the former governor who was impeached soon after President Tinubu came to power last May.

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Union Bank of Nigeria Plc and Titan Trust Bank (TTB) face an uncertain future following the special investigative report on the activities of the apex bank under Godwin Emefiele.

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