The big hammer of the Central Bank of Nigeria (CBN) has fallen on four banks- Titan Trust Bank, Union Bank, Keystone Bank and Polaris Bank- as it sacked their boards and managements.
The apex bank decided to wield the big stick after a meeting between CBN Governor Yemi Cardoso, Jim Obazee, the special investigator scrutinizing the activities of its former Governor, Mr. Godwin Emefiele, while he held sway, and the board and management of the four banks.
Industry watchers see the move as the beginning of the implementation of the report of the Special Investigator on the CBN.
Investigation revealed that investors in Titan Trust Bank refused to honour the invitation to a meeting with the Special Investigator.