Tinubu Takes Swift Action: Dissolves Boards Of Titan Trust, Union Bank, Polaris Bank, And Keystone Bank

Tinubu Takes Swift Action: Dissolves Boards Of Titan Trust, Union Bank, Polaris Bank, And Keystone Bank

Written By Oshiobugie John

President Bola Tinubu has initiated the execution of the recommendations outlined in the report by Jim Obazee, the Special Investigator on the Central Bank of Nigeria (CBN) and associated entities. This has led to 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: “POI We Know, On Your Mandate We Shall Stand”- Energized Crowd Chants As Ize-Iyamu Storms Owan West, Owan East, And Akoko Edo – BushRadio (bushradiogist.com)

The decision to dissolve these boards was reached following a meeting involving Yemi Cardoso, Jim Obazee, and the leadership of the aforementioned banks, as reported by Insidebusiness online. Notably, Titan Trust Bank investors declined participation in the meeting with the Special Investigator.

Jim Obazee, heading the special investigation panel, disclosed that the team had uncovered a scheme orchestrated by Godwin Emefiele, the former CBN governor, in establishing Titan Trust Bank 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 setting up Titan Trust Bank. The panel’s report indicated that, with the assistance of the Nigerian embassy in the UAE, it was determined that these companies lacked a physical presence in Dubai, contrary to their acquisition documents, violating section 3 subsection 5 of the Banks and Other Financial Institutions Act, 2020. Luxis and Magna were deemed ineligible to operate or acquire a bank in Nigeria.

Furthermore, the investigation uncovered a mysterious shareholder providing interest-free, long-term loans to Titan Trust Bank without a fixed repayment plan, ultimately traced back to Emefiele. Consequently, Emefiele has found himself embroiled in financial scandals and legal troubles, leading to his imprisonment and facing numerous corruption charges since the onset of President Tinubu’s administration.

For more information join our whatsapp group by clicking the link here: WhatsApp Group Invite