CBN DISMISSES ENTIRE BOARD OF POLARIS, TITAN AND KEYSTONE BANKS

January 10, 2024

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The entire board of Keystone Bank, Titan Bank, and Polaris Bank has been fired by the Central Bank of Nigeria.

The decision was made in a meeting presided over by Yemi Cardoso, the governor of the apex bank, according to CBN sources.

The measure is in response to Special Investigator Jim Obazee’s suggestion. President Bola Tinubu appointed Obazee in July 2023 to look into the CBN’s and other pertinent establishments’ operations.

In his study, Obazee exposed the opaque nature of Titan Bank’s acquisition of Union Bank and suggested that the federal government relinquish control of the two financial institutions.

A source had revealed last weekend: “We were able to secure some documents, and the investigation reports will lead to the forfeiture of the two banks to the Federal Government.

“We have completed our investigation on this acquisition and have also held meetings with the relevant parties except for Mr. Cornelis Vink, (who is currently hospitalised in Switzerland).

“Otherwise, we are on the verge of recovering these two banks for the Federal Government.”