Following an investigation led by the Special Investigator on the Central Bank of Nigeria (CBN) and Related Entities, Jim Obazee, the board and management of four major banks—Titan Trust Bank, Union Bank, Polaris Bank, and Keystone Bank—have been dissolved by the Central Bank of Nigeria.
Reportedly, the decision to dissolve these boards came after a meeting involving CBN Governor Yemi Cardoso, Investigator Jim Obazee, and representatives from the four banks, including Titan Trust Bank’s investors. Notably, Titan Trust Bank’s key figures had previously avoided meetings with the Special Investigator.
A recent development highlighted by SaharaReporters in December 2023 unveiled that the Special Investigator’s office had demanded the appearance of Titan Trust Bank’s Chairman, Mr. Tunde Lemo, Mr. Cornelius Vink, and Rahul Savara to discuss the acquisition of Union Bank of Nigeria.
The investigation insisted on their appearance, rejecting Lemo’s request for an extension to prove their ownership and acquisition of Union Bank, warning that failure to comply risked the potential forfeiture of the financial institution to the Nigerian government.
Moreover, a letter from the Special CBN Investigator directed Lemo to appear before the Department of Force Intelligence in Abuja along with the other key figures to provide necessary documents and statements regarding the Union Bank acquisition.
This investigation also alleged involvement from former CBN Governor Godwin Emefiele, linking him and associates to the acquisitions of Union Bank, Keystone Bank, and Polaris Bank through proxies.
The report submitted to President Bola Tinubu in December 2023 recommended the government take control of these banks due to purported shareholders’ failure to substantiate their ownership claims.
In response, Lemo contested these assertions, requesting a seven-day extension for shareholders to validate their ownership of Titan Trust Bank and Union Bank. He urged the Investigator to consider providing this timeframe before deciding on the forfeiture of these entities to the Federal Government.
The Special Investigator’s findings, stemming from the absence of evidence to prove legitimate ownership claims, have led to the dissolution of these banks’ boards and management by the Central Bank of Nigeria.