NIGERIA: Federal Government Moves to Seize Control of Union Bank and Titan Trust Bank

WRITTEN BY: CHIOMA MADONNA NDUKWU

In an unprecedented move, the Federal Government is poised to dismiss the boards of Union Bank Limited and Titan Trust Bank Limited, signaling its intent to take control of the two financial institutions.

The decision, arising from an investigation led by Special Investigator Jim Obazee appointed by President Bola Tinubu, unveils alleged irregularities in the acquisition process between the banks. The investigator’s recommendation, indicating a lack of transparency in the banks’ acquisition, paves the way for their potential forfeiture to the Federal Government, though legal implications remain uncertain.

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