In a dramatic turn of events, the Central Bank of Nigeria (CBN) has wielded its authority by sacking the boards of Union Bank, Titan Trust, Keystone, and Polaris Banks. This unprecedented move comes amidst a special investigation into the CBN’s governance during the tenure of Godwin Emefiele.
A confidential source within one of the affected banks, speaking to Media Talk Africa on the condition of anonymity, confirmed the startling development. “It is true; I am sure the Central Bank of Nigeria will soon release a statement on the issue,” the source revealed.
As of the report’s submission, there has been no response from the acting director of corporate communications at CBN, Hakama Sidi Ali, regarding the inquiries into this momentous decision.
Under the CBN Act of 2007, the institution is fully empowered to approve and dismiss commercial bank boards, a privilege that has been invoked in this instance.
This seismic action follows the counsel of the Special Investigator, Jim Obazee, who was appointed by President Bola Tinubu in July 2023 to conduct a thorough scrutiny of the CBN and other pertinent establishments. Emefiele’s alleged use of proxies in the acquisition of Union Bank of Nigeria for Titan Trust Bank Limited and Keystone Bank, without any documented evidence of payment, has been cited in the report.
Consequently, the report recommends that the federal government take steps to recover the banks involved, setting the stage for a potential seismic shift in Nigeria’s financial landscape.
