JUST IN: Main Reason President Tinubu Dissolved Boards Of Titan Trust, Union Bank, Polaris Bank, And Keystone Bank Surfaces

President Bola Tinubu has taken decisive action following the findings of the Special Investigator on the Central Bank of Nigeria (CBN) and related entities, Jim Obazee, resulting in the removal of the board and management of Titan Trust Bank, Union Bank of Nigeria Plc, Polaris Bank, and Keystone Bank. CONTINUE READING

READ ALSO: Tinubu Takes Swift Action: Dissolves Boards Of Titan Trust, Union Bank, Polaris Bank, And Keystone Bank – BushRadio (bushradiogist.com)

The dissolution of these boards comes after a meeting between Yemi Cardoso, Jim Obazee, and the leadership of the four banks, as reported by Insidebusiness online. Notably, the investors in Titan Trust Bank declined to attend a meeting with the Special Investigator.

Jim Obazee, the special investigator, disclosed that his team uncovered how Godwin Emefiele, the former CBN governor, orchestrated the setup of Titan Trust Bank (TTB) to acquire Union Bank of Nigeria. Emefiele allegedly utilized two Dubai-based companies, Luxis International DMCC (Luxis) and Magna International DMCC (MAGNA), owned by Vink Corporation Middle East FZC, as proxies for establishing Titan Trust Bank. The panel, with assistance from the Nigerian embassy in the UAE, revealed that these companies lacked a physical presence in Dubai, contrary to their acquisition documents, violating the Banks and Other Financial Institutions Act, 2020.

The investigation also unveiled a mysterious shareholder who provided interest-free, long-term loans to TTB with no fixed repayment plan, traced back to Emefiele. As a result, Emefiele is facing legal consequences, including imprisonment and numerous court charges related to corruption, marking a series of financial scandals since the commencement of Tinubu’s administration.

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