CBN dissolves boards of Titan Trust, Union, Keystone, Polaris banks
President Bola Tinubu has initiated the enforcement of the findings of the Special Investigator on Central Bank of Nigeria (CBN) and relevant entities, Jim Obazee, leading to the dissolution of the board and management of Titan Trust Bank, along with three other major banks – Union Bank, Polaris Bank, and Keystone Bank.
Neptune Prime gathered that the decision to dissolve the boards was made following a meeting between CBN Governor Yemi Cardoso, Obazee, and the boards and management of the aforementioned banks.
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Notably, the investors in Titan Trust Bank had declined to attend a meeting with the Special Investigator, prompting the consequential action taken by the authorities.
In December 2023, the office of the Special Investigator had insisted that the Chairman of Titan Trust Bank (TTB), Mr Tunde Lemo, Mr Cornelius Vink and Rahul Savara must appear before it over the acquisition of the Union Bank of Nigeria.
The Investigator had summoned Lemo, who is also a former deputy governor of the CBN, and rejected Lemo’s request for an extension of time for shareholders to prove their ownership of Titan Trust Bank.