CBN Sacks Boards of Union, Titan Banks, Others

The Central Bank of Nigeria has, with immediate effect, sacked the entire boards of directors of Polaris, Titan, Union and Keystone banks.

CBN sources said the decision was taken in a meeting led by the apex bank’s governor, Yemi Cardoso, on Wednesday in Abuja.

The source, who spoke on condition of anonymity, hinted that an official statement dissolving the board of directors would be released shortly.

The source said, “In the next hour, there is going to be official communication from the bank. We are working on it and an official statement will be sent soon.”

The action follows the recommendation of the Special Investigator, Jim Obazee, appointed by President Bola Tinubu in July 2023, to probe the activities of the CBN and other relevant establishments.