Business

CBN Sacks Management of Union Bank, Titan Trust, Others

President Bola Tinubu has initiated the implementation of recommendations from the Special Investigator on the Central Bank of Nigeria (CBN) and associated entities, Jim Obazee. This move led to the dissolution of the boards and management teams of Titan Trust Bank, Union Bank of Nigeria Plc, Polaris Bank, and Keystone Bank.

A report has is that the decision to dissolve the boards was made following a meeting involving Yemi Cardoso, Obazee, and the respective boards and management of the four banks. The move underscores the commitment of the government to address concerns and enforce accountability within key financial institutions.

President Tinubu’s decisive action follows the findings of the Special Investigator, Obazee, signaling a proactive response to ensure the integrity and stability of the banking sector. The dissolution of the boards is a notable step in the direction of addressing any identified issues and ushering in a renewed governance framework for these financial entities.

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