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The Central Bank of Nigeria (CBN) has taken immediate action by dismissing the entire Board of Directors of Polaris, Titan, Union, and Keystone Banks. This decision, led by CBN Governor Yemi Cardoso in a meeting on Wednesday in Abuja, is expected to be officially communicated shortly.
According to sources within the CBN, the decision follows the recommendation of Special Investigator Jim Obazee, appointed by President Bola Tinubu in July 2023 to investigate the activities of the CBN and other relevant institutions.
The investigative report accuses the former CBN governor, Godwin Emefiele, of allegedly acquiring banks through proxies for personal gain. The report specifically claims that Emefiele used proxies to acquire Union Bank of Nigeria for Titan Trust Bank Limited and Keystone Bank, with no evidence of payment.
As a consequence, the report recommends that the Federal Government overturn the sale of the banks and assume control. An official statement dissolving the board of directors is expected to be released soon.
This development reflects the CBN’s commitment to addressing allegations and ensuring transparency within the banking sector. The official statement is anticipated to provide more details on the decision and the way forward for the affected banks.
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