With immediate effect, the Central Bank of Nigeria has dismissed the entire Board of Directors of Polaris, Titan, Union, and Keystone Banks. The decision, revealed by CBN sources, was made during a meeting chaired by the apex bank’s governor, Yemi Cardoso, in Abuja on Wednesday. An anonymous source disclosed that an official statement dissolving the board of directors would be released shortly, stating, “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 move comes in response to 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 establishments.
The special investigation report on the activities of the Central Bank of Nigeria (CBN) implicated the former governor, Godwin Emefiele, alleging that he acquired banks for himself through intermediaries. Specifically, the report highlighted that Emefiele purportedly utilized proxies to acquire Union Bank of Nigeria on behalf of Titan Trust Bank Limited and Keystone Bank, with no supporting evidence of payment.
Consequently, the report recommended that the Federal Government should overturn the sale of the banks and assume control over them.
