Emefiele: CBN sacks MDs, Boards of four banks as Tinubu wields the big stick
….Union, Titan, Keystone, Polaris banks affected
BY OSENI OMOTOLANI
The Central Bank of Nigeria (CBN), has with immediate effect, sacked the entire Board of Directors of Polaris, Titan, Union and Keystone Banks.
CBN sources said the decision was taken on Wednesday in Abuja at a meeting led by the apex bank’s governor, Yemi Cardoso.
The source, who spoke on condition of anonymity, hinted that an official statement dissolving the boards of the banks will 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 related establishments.
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The report of the special investigation into the activities of the CBN had accused the immediate past governor of the apex bank, Godwin Emefiele, of acquiring banks for himself through proxies.
The report stated that Emefiele used proxies to acquire Union Bank of Nigeria for Titan Trust Bank Limited and Keystone Bank without any evidence of payment.
It recommended a reversal of the sale of the affected banks and their take over by the Federal Government.
The decision could be a signpost to far reaching drastic measures in the administration’s anti corruption campaign.
Emefiele is currently standing trial for a number of financial infractions he allegedly committed and monetary policy misadventures he embarked on during his tenure as governor of the Central Bank.
A Federal Capital Territory high court had granted Emefiele bail in the sum of N300 million with two sureties in like sum.
The judge had ruled that the sureties must have valid Certificates of Occupancy and titles of properties within the Maitama District, Abuja.
The court also ordered him to deposit his travel documents with the registrar of the court and must remain within the federal capital territory while for the duration of his trial.
The former CBN governor was released from prison on December 23 after perfecting his bail conditions.
He was arraigned in court on November 18, 2023 on a six-count charge bordering on procurement fraud.
Emefiele was accused of using his position as CBN governor to confer a corrupt advantage on a staff member of the apex bank, Sa’adatu Yaro.
Yaro was said to have been awarded a contract by Emefiele for the procurement of 43 vehicles worth over N1.2 billion between 2018 and 2020.
The vehicles were listed to include 37 Toyota Hilux vans at the cost of N854.7 million; one Toyota Avalon at the cost of N99.9 million, one Toyota Landcruiser V8 at the cost of N73.8 million and two Toyota Hilux Shell Specification vehicles at the cost of N44,200,000.
Also awarded to Yaro was a contract for the procurement of two Toyota Landcruiser VXR V8 worth N138 million.
Emefiele pleaded not guilty to all the charges.
