The Central Bank of Nigeria (CBN) has dissolved the boards and managements of Titan Trust Bank, Polaris Bank, Union Bank and Keystone Bank with immediate effect.
The apex bank is exercising its regulatory authority based on recommendations from a special investigation report on the CBN and related entities authored by Jim Obazee.
The decision was made at a meeting between CBN Governor Yemi Cardoso, Mr. Obazee and executives of the four lenders earlier today.
A formal statement announcing the dissolution of the banks’ board and managements is expected from the CBN later today, Wednesday January 11th.
The unprecedented move follows recent efforts by the new administration to instill discipline in the banking sector and wider financial services industry in Nigeria.
