CBN dissolves managements, boards of Titan Trust Bank, Union Bank, two others

The Central Bank of Nigeria (CBN) has welded the big stick by dissolving the boards and managements of Titan Trust Bank, Union Bank and two others.

The other banks are Polaris Bank and Keystone Bank.

This followed a report submitted to President Bola Tinubu by Jim Obazee, the Special Investigator on the Central Bank of Nigeria (CBN) and Related Entities.

The decision to dissolve the boards was taken after a meeting between the CBN Governor, Yemi Cardoso, Obazee and the boards of the four banks including Titan Trust Bank’s investors who had earlier avoided meeting with the Special Investigator.

Persecondnews recalls that the Special Investigator had in December 2023 insisted that the Chairman of Titan Trust Bank (TTB), Mr Tunde Lemo, Mr Cornelius Vink and Rahul Savara must appear before it over the acquisition of the Union Bank of Nigeria.

The Investigator also rejected Lemo’s request for an extension of time for shareholders to prove their ownership of Titan Trust Bank.

Obazee insisted that Lemo and the others must appear at the meeting to prove that their acquisition of Union Bank followed due process or risked losing the financial institution to the federal government.

Lemo and others had failed to attend the meeting.