Godwin Emefiele

The Central Bank of Nigeria (CBN) late Wednesday announced the dissolution of the boards and management of Union Bank, Polaris Bank and Keystone Bank. Hours later, it appointed new executives (two each) to “oversee the affairs of the banks”, ostensibly till the time new boards and management will be reconstituted. All three banks are privately owned. Union Bank adopted private ownership last November after Titan Trust Bank, its majority shareholder, acquired the stakes of other shareholders, causing the lender to…

The Special Investigator appointed by President Bola Tinubu to probe the Central Bank of Nigeria (CBN), Jim Obazee, has rejected a request by the Chairman of Titan Trust Bank (TTB), Tunde Lemo, and the two major investors in the bank to delay their appearance before the investigator until the second week of January 2024. PREMIUM TIMES reported that Mr Obazee on 24 December summoned Mr Lemo, Cornelius Vink and Rahul Savara to appear before his team of investigators on Thursday over TTB’s acquisition of Union Bank…

The Special Investigator probing the Central Bank of Nigeria, Jim Obazee, has summoned the Chairman of Titan Trust Bank (TTB), Tunde Lemo, and two other shareholders of the bank to a “follow-up meeting” in Abuja on Thursday over the controversial 2022 acquisition of Union Bank of Nigeria. The Special Investigator issued the summons hours after Mr Lemo, a former deputy governor of the CBN, faulted his findings on the issue. Mr Obazee, in a report he submitted to President Bola Tinubu on 20 December, had said the…

A former Deputy Governor of the Central Bank of Nigeria, Kingsley Moghalu, has described Godwin Emefiele as “the worst CBN Governor” in the nation’s history. In a series of tweets on Saturday, Mr Moghalu provided an assessment of Mr Emefiele’s tenure, shedding light on various critical areas of concern. He cited Mr Emefiele’s failures in maintaining Naira stability, illegal lending practices, an unlawful presidential campaign, and the mishandling of the Naira redesign policy with disastrous consequences for the…

The Central Bank of Nigeria (CBN) has lifted the ban it imposed two years ago on cryptocurrency transactions in the Nigerian banking system. The CBN announced the reversal of the policy in a circular by Haruna Mustapha, its director in charge of financial policy and regulation. Mr Mustapha said the apex bank would now provide regulations for financial institutions on how to manage cryptocurrency to avoid misuse. The News Agency of Nigeria (NAN) recalls that the CBN issued a circular in February 2021 restricting…