On Wednesday, the boards of Union Bank, Titan Trust, Keystone Bank, and Polaris Bank were dismissed by the Central Bank of Nigeria, or CBN.

The special investigations of Godwin Emefiele’s management of the CBN cover all four banks.

The development was verified by an anonymous source at one of the affected banks who talked with ZINGTIE.

“It is true; I am sure the Central Bank of Nigeria will soon release a statement on the issue,” he stated.

Hakama Sidi Ali, the acting director of corporate communications at CBN, had not replied to the question as of the report’s filing.

The CBN Act of 2007 gives it the authority to appoint and remove directors of commercial banks.

The measure is in response to the 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.

According to the article, Emefiele acquired Union Bank of Nigeria for Titan Trust Bank Limited and Keystone Bank through proxies without providing any proof of payment.

He suggested that the banks be reclaimed by the federal government.

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