CBN Sacks Titan Trust, Union, Keystone, Polaris Bank Boards

The Central Bank of Nigeria (CBN) has taken a bold step in its ongoing efforts to restructure and strengthen the country’s financial sector by dismissing the boards of Titan Trust Bank, Union Bank, Keystone Bank, and Polaris Bank.

This decisive move comes as a result of a thorough investigation conducted by the Special Investigator on Central Bank of Nigeria (CBN) and Related Entities, Jim Obazee.

The decision to dissolve the boards of these four banks was made during a high-stakes meeting between the CBN Governor, Yemi Cardoso, Obazee, and the respective boards and management teams of the affected banks.

This move is expected to have a significant impact on the Nigerian banking landscape, as the affected banks are major players in the industry.

As the dust settles on this monumental decision, the CBN is expected to release an official statement outlining the rationale behind the move and the next steps for the affected banks.

The banking regulator has also assured the public that it remains committed to ensuring the stability and soundness of the Nigerian banking system.

“It is part of a broader effort by the CBN to address the challenges faced by the Nigerian financial sector and to promote a more transparent and accountable banking system”.