BREAKING: CBN sacks boards of Union, Titan, Keystone, Polaris banks

With immediate effect, the Central Bank of Nigeria (CBN) has dismissed the entire Board of Directors of Polaris, Titan, Union, and Keystone Banks. The decision was made during a meeting led by CBN Governor Yemi Cardoso on Wednesday in Abuja.

Sources within the CBN indicated that the official dissolution of the board of directors will be announced shortly, with an official statement to be released. The decision follows the recommendations of Special Investigator Jim Obazee, appointed by President Bola Tinubu in July 2023 to investigate the activities of the CBN and other relevant institutions.

The report from the special investigation into the CBN's activities accused the immediate past governor, Godwin Emefiele, of acquiring banks through proxies. Specifically, it alleged that Emefiele used proxies to obtain Union Bank of Nigeria for Titan Trust Bank Limited and Keystone Bank, with no evidence of payment. As a result, the report recommended that the Federal Government reverse the sale of the banks and take control.

More information will be provided as details emerge.