Economy and Business

BREAKING: CBN sacks the entire board of Polaris bank, Titan bank, and Keystone bank

The Central Bank of Nigeria has sacked the entire board of Polaris bank, Titan bank, and Keystone Bank.

CBN sources say the decision was taken in a meeting led by the apex bank’s governor, Yemi Cardoso.

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.

Obazee, in his report, revealed that the acquisition of Union Bank by Titan Bank lacked transparency and recommended that the Federal government forfeit the two financial institutions.

A source had revealed last weekend: “We were able to secure some documents, and the investigation reports will lead to the forfeiture of the two banks to the Federal Government.

“We have completed our investigation on this acquisition and have also held meetings with the relevant parties except for Mr. Cornelis Vink, (who is currently hospitalised in Switzerland).

“Otherwise, we are on the verge of recovering these two banks for the Federal Government.”

 

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