BREAKING: CBN Sacks Polaris Bank, Titan Bank, Keystone Bank Boards

The Central Bank of Nigeria has sacked the entire board of Polaris bank, Titan Bank, and Keystone Bank.

Daily Report Nigeria reports that the decision was reached during a meeting chaired by the CBN Governor, Yemi Cardoso.

The sacking of the boards is sequel to a recommendation by the Special Investigator, Jim Obazee, who was appointed by President Bola Tinubu to probe activities of the apex bank and other relevant establishments.

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In his report, Obazee noted that the acquisition of Union Bank by Titan Bank lacked transparency, and subsequently recommended for the Federal government to forfeit the two financial institutions.

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In line with the recommendation, sources within the CBN revealed last weekend that;

“We were able to secure some documents, and the investigation reports will lead to the forfeiture of the two banks to the Federal Government.

“We have completed our investigation on this acquisition and have also held meetings with the relevant parties except for Mr. Cornelis Vink, (who is currently hospitalised in Switzerland).

“Otherwise, we are on the verge of recovering these two banks for the Federal Government.”