CBN sacks board of Titan Trust, Union Banks, two others, appoints new chief executives

CBN sacks board of Titan Trust, Union Banks, two others, appoints new chief executives

President Bola Tinubu has started the implementation of the report of the Special Investigator on Central Bank of Nigeria, CBN and related entities, J

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President Bola Tinubu has started the implementation of the report of the Special Investigator on Central Bank of Nigeria, CBN and related entities, Jim Obazee with the dissolution of the board and management of Titan Trust Bank, Union Bank and two others.

The decision to dissolve the boards was taken after a meeting between Yemi Cardoso, Obazee, and the board and management of the four banks.
It would be recalled that the investors in Titan Trust Bank refused to honour the invitation to a meeting with the Special Investigator.
Obazee had earlier revealed that his team uncovered how Godwin Emefiele, the former CBN governor, set up Titan Trust Bank to acquire Union Bank of Nigeria.
He revealed that  Emefiele used two Dubai-based companies — Luxis International DMCC, Luxis and Magna International DMCC, MAGNA, owned by Vink Corporation Middle East FZC, to set up Titan Trust Bank as proxies.
With the help of the Nigerian embassy in United Arab Emirates, the panel report said the two companies do not have a physical presence in Dubai as claimed in their acquisition documents.
The panel also said such discovery contravenes section 3 subsection 5 of the Banks and Other Financial Institutions Act, 2020, adding that Luxis and Magna are not supposed to be allowed to operate or acquire a bank in Nigeria.

During the investigation, according to the panel, it was discovered that there is a mysterious shareholder who issued interest-free, long-term loans to Titan with no fixed repayment plan.

The report said the mysterious shareholder was Emefiele.

Meanwhile, the CBN has now appointed new chief executives to oversee the running of these banks.

The apex bank, in a statement signed by the acting Director of Corporate Communications, Sidi Hakama, released on Thursday morning, said the appointment takes immediate effect.

According to the statement, Yetunde Oni, the first female CEO of the Standard Chartered bank in Sierra Leone, has been appointed as the Chief Executive Officer of Union Bank, while Mannir Ubali Ringim was selected as the Executive Director of the tier-2 bank.

For Keystone Bank, Hassan Imam was appointed as its Chief Executive Officer, while Chioma Mang got the position of Executive Director.

Also, the bank appointed Lawal Mudathir Omokayode Akintola as the Chief Executive Officer of Polaris Bank and Chris Ofikulu as its Executive Director.

The CBN statement read, “Following the dissolution of the Board and Management of Union Bank, Keystone Bank and Polaris Bank on Wednesday, January 10, the CBN has appointed new executives to oversee the affairs of the banks; Union Bank: Yetunde Oni – Managing Director/Chief Executive Officer Mannir Ubali Ringim – Executive Director

“Keystone Bank: Hassan Imam – Managing Director/ Chief Executive Officer Chioma A. Mang – Executive Director

“Polaris Bank: Lawal Mudathir Omokayode Akintola – Managing Director/ Chief Executive Officer Chris Onyeka Ofikulu – Executive Director

“The appointments take immediate effect,” the statement added.