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CBN sacks mgt. of Union Bank, Titan Trust, two other banks

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President Bola Tinubu has started the implementation of the report of the Special Investigator on Central Bank of Nigeria (CBN) and related entities, Jim Obazee with the dissolution of the board and management of Titan Trust Bank and three others.

The others are Union Bank of Nigeria Plc, Polaris Bank, and Keystone Bank.

A report by Insidebusiness online disclosed that the decision to dissolve the boards was taken after a meeting between Yemi Cardoso, Obazee, and the board and management of the four banks.

Recall that the investors in Titan Trust Bank refused to honour the invitation to a meeting with the Special Investigator.

Obazee, a special investigator, says his team has uncovered how Godwin Emefiele, the former CBN governor, set up Titan Trust Bank (TTB) to acquire Union Bank of Nigeria.

Obazee, the head of the special investigation panel on the CBN and related entities, revealed that Emefiele used two Dubai-based companies — Luxis International DMCC (Luxis) and Magna International DMCC (MAGNA) — owned by Vink Corporation Middle East FZC, to set up Titan Trust Bank as proxies.

With the help of the Nigerian embassy in UAE, the panel report said the two companies do not have a physical presence in Dubai as claimed in their acquisition documents.

The panel also said such discovery contravenes section 3 subsection 5 of the Banks and Other Financial Institutions Act, 2020, adding that Luxis and Magna are not “supposed to be allowed to operate or acquire a bank in Nigeria”.

During the investigation, according to the panel, it was discovered that there is a mysterious shareholder who has issued interest-free, long-term loans to TTB with no fixed repayment plan.

The report said the mysterious shareholder was traced to be Emefiele.

From one financial scandal to another, Emefiele has been languishing in prison and facing a plethora of court charges concerning corruption since the beginning of Tinubu’s administration.

The former CBN governor was locked in the Kuje correctional facility after he was arraigned on a six-count charge bordering on procurement fraud valued at N1.2 billion from November 22 to December 12 because he failed to meet the N300 million bail granted him by a high court.

The Obazee-led panel said TTB had in a letter of October 25, 2021, sought CBN’s no-objection to its proposed consolidation with Union Bank excluding its UK operations.

This, the letter noted, should be in four phases: the acquisition of 91.5 percent of the issued shares of the UBN; mandatory tender offer (MTO) for the remaining shares of the UBN; buyout of any share not voluntarily sold to TTB on the MTO; and merger of TTB and UBN with UBN as the surviving entity.

According to the panel, the letter also stated that the consolidation was to be funded via a combination of debt and equity, and CBN via letters dated March 3 and 9, 2022, which granted no objections to TTB’s request to obtain a $300,000,000 facility from Afrexim Bank, as well as capital injection of $175,000,000 from two existing shareholders of TTB: Luxis and Magna.

The TTB, via a letter dated June 3, 2022, informed the CBN that it had made the payment of the purchase consideration to the selling shareholders on June 1, 2022, and had, thus, completed the acquisition of 93.4 percent of the issued shares of the Union Bank.

The report said the “ultimate goal of acquiring UBN hinged on the ongoing court-ordered scheme of arrangement between the TTB and the holders of the balance of 5.95%”

Obazee has asked the federal government to take over the Titan Trust and Union banks by strengthening it for a lucrative future sellout.

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WAEC revokes licenses of 574 schools over exam malpractices

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The West African Examination Council (WAEC) in Nigeria has sanctioned and revoked about 574 schools found to have engaged in examination malpractices.

Head of WAEC national office, Dr Amos Dangut, disclosed this while speaking to journalists at the national headquarters in Lagos yesterday.

He stated that the examination body has submitted the list of schools involved to the Federal Government through the Ministry of Education for sanctions.

The schools involved in malpractices would no longer be recognised as WAEC examination centres.

He said, “This year, we have shared with them a total of 574 schools whose recognition has been withdrawn. This measure will also be adopted by all examining bodies.

“These schools are no longer recognised as examination centres by WAEC, and we will not conduct exams there.”

Ahead of the 2025 West African Senior School Certificate Examination (WASSCE), scheduled from Thursday, April 24 to Friday, June 20, 2025, Dangut revealed that 1,973,253 candidates from 23,554 schools have registered for the examination.

This is an increase of 158,627 candidates compared to last year.

He said there are 979,228 males, while 994,025 are females.

Dangut highlighted WAEC’s commitment to leveraging technology, introducing the first-ever Computer-Based WASSCE (CB-WASSCE) for school candidates.

He disclosed that no two candidates will receive identical questions to discourage cheating.

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Easter: IG orders tight security, deployment of personnel to churches

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As Christians in Nigeria join others around the world to mark the 2025 Easter celebrations, the Inspector-General of Police, Kayode Egbetokun, has ordered tight security measures across the country to ensure a peaceful and hitch-free holiday.

In a statement on Friday by the Force Public Relations Officer, ACP Olumuyiwa Adejobi, the IGP extended warm Easter greetings to the Christian faithful, urging them to reflect on the values of hope, renewal, and sacrifice which the season represents.

Egbetokun directed all Commissioners of Police and supervising Assistant Inspectors-General of Police to intensify visibility policing, intelligence gathering, and extended surveillance in their jurisdictions.

He also directed the strategic deployment of personnel to churches, recreational centres, highways, and other public places to forestall any security breach during the festivities.

“‎The IGP hereby directs Commissioners of Police across all State Commands and Formations, and their supervising Assistant Inspectors-General of Police, to enhance visibility policing, extended vigilance, and intelligence gathering to ensure a safe and secure festive celebration for all citizens.

“He also emphasises the critical importance of enhanced patrol and strategic deployment of personnel to places of worship, recreation centres, major highways, and other public spaces to deter criminal activities and provide swift responses to any security challenges that may arise,” the statement said.

He also called on Nigerians to cooperate with law enforcement agencies by providing timely and credible information to help prevent any potential threats to public safety.

While urging citizens to remain vigilant, Egbetokun advised moderation in celebrations and warned against reckless driving on the highways throughout the Easter period and beyond.

He said, “‎The IGP calls on members of the public to cooperate with the Police and other security agencies by providing timely and credible information that could assist in preventing the breakdown of law and order during this period.

Citizens are therefore urged to remain security conscious, act with moderation, and avoid reckless driving on highways during the festive period and beyond.”

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Tinubu working remotely from overseas, returns after Easter – Presidency

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The Presidency has said President Bola Tinubu continues to direct the affairs of state from Europe, despite being outside the country for nearly two weeks.

It also said the President will return on Monday, April 21, after the Easter holidays.

In a statement signed on Thursday, Tinubu’s Special Adviser on Information and Strategy, Bayo Onanuga, explained that the President, who travelled from Paris to London at the weekend, “remains fully engaged in Nigeria’s governance” and is in “constant communication with key government officials.

”Onanuga added that the President had given “directives to security chiefs to address emerging threats in some parts of the country.”

The statement was titled ‘Statement On President Tinubu’s Return To Nigeria.

’Tinubu’s absence, the Presidency noted, “is temporary and in line with the communicated timeframe of approximately two weeks.

”He is expected back in Abuja after the Easter holidays, which end on Monday, 21 April.

“The President’s commitment to his duties remains unwavering, and his administration continues to function effectively under his leadership,” Onanuga said, urging the public to remain calm and assuring citizens that “governance proceeds without interruption.”

“The President left Paris for London at the weekend and has maintained constant communication with key government officials, overseeing critical national matters, including directives to security chiefs to address emerging threats in some parts of the country.

“His return to Abuja and the resumption of duties at Aso Villa will follow the conclusion of the Easter holiday.

“We appreciate the public’s concern and assure all Nigerians that governance proceeds without interruption,” the statement read.

Although the Presidency did not specify the purpose of Tinubu’s stay in Paris and London, it follows a pattern of working visits the President has undertaken since assuming office nearly two years ago.

Thursday’s statement was ostensibly in response to criticisms by the opposition, who questioned Tinubu’s stay abroad while the country was bleeding from killings, particularly in Plateau and Benue states.

The concerns were raised by former Vice President Atiku Abubakar and the 2023 presidential candidate of the Labour Party, Peter Obi, who questioned Tinubu’s absence while the country grapples with heightening insecurity.

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