The Central Bank of Nigeria (CBN) has immediately terminated the services of the boards Of Polaris Bank, Titan Bank, Keystone Bank.
CBN sources say the decision was taken on Wednesday in Abuja, during a meeting led by the apex bank’s governor, Yemi Cardoso.
The source, who spoke anonymously, hinted that an official statement dissolving the board of directors will be released shortly.
The source said, “In the next hour, there will be official communication from the bank. We are working on it and an official statement will be sent soon.”
This action follows the recommendation of the Special Investigator Jim Obazee, who President Bola Tinubu appointed in July 2023 to probe the activities of the CBN and other relevant establishments.
The report of the special investigation into the activities of the CBN had accused the immediate past governor of the apex bank, Godwin Emefiele, of acquiring banks for himself through proxies.
The report stated that Emefiele used proxies to acquire Union Bank of Nigeria for Titan Trust Bank Limited and Keystone Bank without any evidence of payment.
Consequently, it was recommended that the federal government reverse the sale of the banks and take them over.
