Central Bank Axes Keystone, Polaris, Titan Banks' Boards
*Sack takes immediate effect.
The axe of the Central Bank of Nigeria, CBN, on Wednesday, fell on the entire boards of directors of several commercial banks. The affected banks are Keystone, Polaris and Titan.
The sack, according to sources in the apex bank, took place during a meeting presided over by the governor, Yemi Cardoso.
The sources added that though no official statement has been released on the sack, the sack is with immediate effect.
“In the next hour, there is going to be official communication from the bank. We are working on it and an official statement will be sent soon.”
The action is sequel to the recommendation of the Special Investigator, Jim Obazee, appointed by President Bola Tinubu in July 2023, to look into the activities of the CBN and other relevant establishments.
The report indicted the former CBN governor, Godwin Emefiele, whom it accused of acquiring the banks for himself through proxies.
It also stated that Emefiele used proxies to acquire Union Bank of Nigeria for Titan Trust Bank Limited and Keystone Bank without any evidence of payment. Subsequently, the Federal Government took over the affected banks, having reversed their sales.
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