The Central Bank of Nigeria (CBN) has dissolved the boards and managements of Titan Trust Bank, Union Bank, Keystone Bank and Polaris Bank.
The decision to dissolve the boards was taken after a meeting between Yemi Cardoso, Jim Obazee, the special investigator on the activities of former CBN Governor, Godwin Emefiele and the board and management of the four banks.
The move is seen as the beginning of the implementation of the report of the Special Investigator on the CBN.
Recall that Tinubu had on June 9, 2023, suspended former Governor of the CBN, Mr Godwin Emefiele, and thereafter named the Chief Executive Officer of the Financial Reporting Council of Nigeria, Jim Obazee, as the special investigator of the CBN.
In a report 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.
Also, the special investigator recommended that the banks be forfeited to the federal government.
Investigation revealed that investors in Titan Trust Bank refused to honour the invitation to a meeting with the Special Investigator.
Earlier, the Chairman of Titan Trust Bank (TTB), Tunde Lemo, insisted that his bank followed due process and met all regulatory requirements in its acquisition of one of the oldest banks and iconic brands in Nigeria.
He said the establishment of Titan Trust Bank and subsequent acquisition of Union Bank were transparent and duly verified by the relevant regulatory bodies.
No comments:
Post a Comment