The Central Bank of Nigeria has fired the entire Board of Directors governing Keystone, Polaris,Union, Titan Banks.
The decision was taken in a meeting led by the CBN Governor, Yemi Cardoso, on Wednesday in Abuja.
An industry source who pleaded anonymity stated that an official communication dissolving the board of directors will be sent shortly.
The source added, “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.”
This is in line with 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.
The submission of the special investigation into the activities of the CBN accused the immediate past governor of the apex bank, Godwin Emefiele, of using stolen credit to acquire banks for himself through proxies.
The report added that Emefiele used proxies to acquire Union Bank of Nigeria for Titan Trust Bank Limited and Keystone Bank without any evidence of payment.
It therefore recommended that the Federal Government reverse the sale of the banks and take over operations of the institutions.
