The Central Bank of Nigeria (CBN) has dissolved the board and management of Titan Trust Bank and three others, following a report submitted to President Bola Tinubu by the Special Investigator on the Central Bank of Nigeria (CBN) and Related Entities, Jim Obazee.
The decision was taken after a meeting between the CBN Governor, Yemi Cardoso, Obazee, and the boards of the four banks, including Titan Trust Bank’s investors who had earlier avoided meeting with the Special Investigator.
The Special Investigator insisted that Titan Trust Bank Chairman Tunde Lemo, Cornelius Vink, and Rahul Savara must appear before it over the acquisition of the Union Bank of Nigeria.
The Special Investigator rejected Lemo’s request for an extension of time for shareholders to prove their ownership of Titan Trust Bank.
The report also linked the acquisition of Keystone Bank and Polaris Bank to the late Alhaji Ismaila Isa Funtua, an ally of former President Muhammadu Buhari, alongside Emefiele.
The Special Investigator recommended that the Nigerian government take over the bank from the purported owner.