In a decisive move, the Central Bank of Nigeria (CBN) has removed the entire board of Polaris, Titan, and Keystone Bank.
CBN sources revealed that the decision emanated from a meeting led by CBN Governor Yemi Cardoso
This action follows the findings of the Special Investigator, Jim Obazee, appointed by Bola Ahmed Tinubu in July 2023 to scrutinize the activities of the CBN and other relevant institutions.
Obazee’s investigation highlighted concerns over the lack of transparency in Titan Bank’s acquisition of Union Bank and recommended the forfeiture of both financial institutions to the Federal Government.
The action comes after thorough examination of documents and consultations with involved parties, excluding Mr. Cornelis Vink, currently hospitalized in Switzerland.
A source disclosed last weekend: “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.”