The Central Bank of Nigeria (CBN) has dissolved the boards and management of Titan Trust Bank, Union Bank, Polaris Bank, and Keystone Bank, following allegations of financial mismanagement and fraud. The decision was made after a meeting between CBN Governor Yemi Cardoso, Jim Obazee, the Special Investigator on the CBN and Related Entities, and the boards of the four banks, including Titan Trust Bank’s investors, who had earlier avoided meeting with the Special Investigator.
According to Inside Business, the report submitted to President Bola Tinubu by the Special Investigator on the CBN and Related Entities, Jim Obazee, revealed that the former CBN governor, Godwin Emefiele, allegedly used his proxies to acquire Union Bank. The report also showed that the Chairman of Titan Trust Bank, Tunde Lemo, and two other investors, Cornelius Vink and Rahul Savara, were summoned by the Special Investigator to provide documents and information regarding the acquisition of Union Bank. Lemo’s request for an extension of time for shareholders to prove their ownership of Titan Trust Bank was rejected by the Special Investigator.
The dissolution of the boards and management of these banks is a significant development in the ongoing efforts to combat financial fraud and mismanagement in Nigeria. The CBN’s decision to take swift action against these banks underscores the importance of transparency and accountability in the financial sector.
The investigation and subsequent dissolution of these boards serve as a reminder of the critical role of regulatory bodies in ensuring the integrity of financial institutions and protecting the interests of investors and the public.
**THIS IS A DEVELOPING STORY**
Updated 11/01/2024
The Central Bank of Nigeria (CBN) has appointed new CEOs and executive directors for Union Bank, Keystone Bank, and Polaris Bank. The move comes after the dissolution of the previous board members due to regulatory non-compliance and corporate governance failure.
The new appointments are effective immediately. Yetunde Oni, a former CEO of Standard Chartered Bank, Sierra Leone, is the new Union Bank CEO, while Mannir Ubani Ringim is the bank’s new Executive Director. Hassan Imam, an Executive Director of the North Directorate of Fidelity Bank, will head Keystone Bank as CEO, and Chioma A. Mang will play the role of Keystone’s Executive Director.
Lawal Mudathir Omokayode Akintola, a director at Sage Grey Finance Limited, will head Polaris Bank as CEO, and Chris Ofikulu will be its executive director. The CBN’s decision to dissolve and replace the board members comes weeks after Jim Obazee’s investigation into the Central Bank under former Governor Godwin Emefiele’s alleged questionable bank acquisitions.
