In a significant development, the Central Bank of Nigeria (CBN) has taken the decision to dismiss the board and management of four prominent banks in the country.
Titan Trust Bank, Union Bank, Keystone Bank, and Polaris Bank are the institutions affected by this decision, as reported by Inside Business.
This decision comes after a thorough investigation conducted by Jim Obazee, the Special Investigator on the CBN and Related Entities.
Upon submitting his report to President Bola Tinubu, it was determined that the boards and management of these banks needed to be dissolved.
Inside Business further reveals that the decision was made following a meeting between CBN Governor Yemi Cardoso, Jim Obazee, and the boards of the four banks.
Notably, the investors of Titan Trust Bank had previously avoided meeting with the Special Investigator, which likely played a role in the decision to dissolve their board.
This move by the CBN is expected to have far-reaching implications for the banking sector in Nigeria.
As the affected banks now face a significant restructuring, it remains to be seen how this decision will impact their operations and the overall stability of the Nigerian financial system.
