In a bold move, President Bola Tinubu has initiated the implementation of the report by Special Investigator Jim Obazee on the Central Bank of Nigeria (CBN) and related entities. This has led to the dissolution of the board and management of Titan Trust Bank, Union Bank of Nigeria Plc, Polaris Bank, and Keystone Bank.
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The decision to dissolve the boards was reached after a meeting between Yemi Cardoso, Obazee, and the leadership of the four banks. Notably, investors in Titan Trust Bank declined an invitation to the meeting with the Special Investigator.
Obazee’s investigation revealed that former CBN governor Godwin Emefiele established Titan Trust Bank to acquire Union Bank of Nigeria, using Dubai-based companies Luxis International DMCC and Magna International DMCC as proxies. The report indicated that these companies, owned by Vink Corporation Middle East FZC, lacked a physical presence in Dubai, contravening banking regulations.
During the investigation, it was discovered that Emefiele, a mysterious shareholder, issued interest-free, long-term loans to Titan Trust Bank. Emefiele, facing various court charges, had been in prison since the beginning of Tinubu’s administration.
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The report disclosed Titan Trust Bank’s request to the CBN for consolidation with Union Bank, funded by a combination of debt and equity. CBN granted no objections to TTB’s request for a facility from Afrexim Bank and capital injection from Luxis and Magna.
Obazee recommended the federal government take over Titan Trust and Union banks, strengthening them for a lucrative future sellout.
This development signals a significant shake-up in the banking sector, with further implications expected to unfold as investigations progress.
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