CBN dissolves boards of Polaris, Union, Keystone banks

The Central Bank of Nigeria (CBN) has dissolved the boards of Union Bank, Keystone Bank and Polaris Bank. The affected banks were indicted by the special investigations committee which President Bola Tinubu set up to probe the CBN under Godwin Emefiele, former governor of the apex bank. After suspending Emefiele in June, Tinubu had named […]

The Central Bank of Nigeria (CBN) has dissolved the boards of Union Bank, Keystone Bank and Polaris Bank.

The affected banks were indicted by the special investigations committee which President Bola Tinubu set up to probe the CBN under Godwin Emefiele, former governor of the apex bank.

After suspending Emefiele in June, Tinubu had named Jim Obazee as the special investigator of the CBN.

In a memo submitted to the president at the end of the probe, Obazee said Emefiele used “ill-gotten wealth” to establish TTB and subsequently acquired Union Bank and Keystone Bank through his proxies.

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The memo, titled “Report of the Investigation of the Acquisition of Union Bank of Nigeria by Titan Trust Bank,” outlined the specific steps allegedly taken to secure Union Bank.

The report also indicted a late ally of former President Buhari in the acquisitions of Keystone and Polaris banks.

The special investigator had recommended that the banks be forfeited to the federal government.

The apex bank took the decision to dissolve the boards of the banks at a meeting in Abuja, sources told Daily Trust Wednesday night.

The management and boards of the affected banks alongside the CBN Special Investigator were said to have attended the meeting.

It is unclear if the step is in the direction of the recommendation that the banks would be taken over by the Federal Government as details of the meeting are yet to be made public,

Editors note: This story was updated to reflect that Titan Trust board wasn’t dissolved as initially reported. We apologize for the mix-up