Business
CBN sacks boards of Titan Trust, Union Bank, two others
The Central Bank of Nigeria (CBN) has dissolved the boards and managements of Titan Trust Bank, Union, Keystone, and Polaris Banks.
The decision was taken at the end of a meeting between the CBN Governor, Yemi Cardoso, the Special Investigator by President Bola Tinubu to look into the activities of the apex bank, Jim Obazee, and the boards of the four banks in Abuja on Wednesday in Abuja.
READ ALSO: CBN pays $61.6m in forex backlog to foreign airlines
The development followed the report of the special investigator who had accused the former CBN governor, Godwin Emefiele, of acquiring banks through proxies.
It would be recalled that the investors in Titan Trust Bank failed to honour an invitation to a meeting with the investigator on the acquisition of Union Bank.
The investors were invited by Obazee to explain the source of the $500 million used to acquire Union Bank.
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