Central Bank of Nigeria (CBN) has, with immediate effect, sacked the entire Board of Directors of Polaris, Titan, Union and Keystone Banks.
CBN sources say the decision was taken in a meeting led by the apex bank’s governor, Yemi Cardoso, on Wednesday in Abuja.
The source, who spoke on condition of anonymity, hinted that an official statement dissolving the board of directors will be released shortly.
The source said: “In the next hour, there is going to be official communication from the bank. We are working on it and an official statement will be sent soon.”
The action follows the report and recommendation of the Special Investigator, Jim Obazee, appointed by President Bola Tinubu in July 2023, to probe the activities of the CBN and other relevant establishments.
The report stated that the immediate past governor, Godwin Emefiele used proxies to acquire Union Bank of Nigeria for Titan Trust Bank Limited and Keystone Bank without any evidence of payment. It thus recommended that the Federal Government reverse the sale of the banks and take them over.