President Bola Tinubu has initiated the enforcement of the Special Investigator’s report on the Central Bank of Nigeria, CBN, and associated entities.
The board and management of Titan Trust Bank, Union Bank of Nigeria Plc, Polaris Bank, and Keystone Bank have been dissolved following a meeting involving Yemi Cardoso, Jim Obazee, and the leadership of these banks.
Investors of Titan Trust Bank declined an invitation to meet with the Special Investigator, Jim Obazee.
The investigation revealed that Godwin Emefiele, the former CBN governor, established Titan Trust Bank through Dubai-based companies Luxis International DMCC and Magna International DMCC, owned by Vink Corporation Middle East FZC.
The report highlighted discrepancies in their physical presence in Dubai, violating banking regulations.
The panel uncovered that Emefiele, as a mysterious shareholder, provided interest-free, long-term loans to Titan Trust Bank. Emefiele is currently facing corruption charges and is in prison under Tinubu’s administration.
The report also disclosed TTB’s request to consolidate with Union Bank, funded by a combination of debt and equity. The CBN granted no objections to TTB’s facility from Afrexim Bank and a capital injection from Luxis and Magna.
Jim Obazee has recommended the federal government’s intervention to strengthen Titan Trust and Union banks for a potential future sellout.
