The Central Bank of Nigeria (CBN) has taken significant steps to ensure financial stability and integrity by restructuring the boards of three banks - Keystone Bank, Polaris Bank, and Union Bank. The CBN dissolved their boards due to non-compliance with specific provisions of the Banks and Other Financial Institutions Act, 2020, including regulatory non-compliance and corporate governance failure.

An investigation was carried out by Jim Obazee, a special investigator appointed to probe the activities of the CBN under the previous governor, Godwin Emefiele. Obazee uncovered alleged irregularities in the Union Bank of Nigeria acquisition by Titan Trust Bank Limited, including the use of proxies. Similar concerns were raised about acquiring Keystone Bank and Polaris Bank, which prompted the forfeiture of the banks to the federal government.

Despite Titan Trust Bank's assertions that due process was followed and all regulatory requirements were met, the Special Investigator remains resolute in pursuing the investigation. Tunde Lemo, Chairman of Titan Trust Bank, and two major shareholders have been summoned for a follow-up meeting in Abuja, underscoring the seriousness of the authorities' approach to the matter.

The CBN's actions reflect a determination to address potential financial misconduct and uphold the integrity of Nigeria's banking system. As a statistician, market analyst, and researcher with a keen eye on public opinion, I recognize the significance of these actions in cleansing the sector and maintaining public trust. As the story unfolds, the broader implications for the banking industry and regulatory landscape will undoubtedly become more evident.