News
CBN sacks mgt. of Union Bank, Titan Trust, two other banks
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.
News
FG Launches Nationwide Training to Boost Livestock Extension Capacity
The Federal Ministry of Livestock Development has begun a three-day national capacity-building programme aimed at upgrading the technical skills of Livestock Extension Officers from all 36 states and the FCT.

The workshop focuses on strengthening field advisory services and harmonising extension communication across the country.
Declaring the event open in Abuja, the Permanent Secretary, Dr. Chinyere Ijeoma Akujobi, represented by the Director of Livestock Extension and Business Development, Mr. Joseph Ako, reaffirmed the Ministry’s commitment to building a modern and commercially viable livestock sector capable of driving food security and economic diversification.

She described livestock extension officers as central to the sector’s transformation agenda, noting that they serve as the crucial link between research institutions and rural farmers.

Earlier in his welcome remarks, Mr. Ako encouraged participants to take full advantage of the intensive training sessions and emphasised that improved professional capacity among extension workers will translate into better support for livestock farmers nationwide.

The programme is anchored on the National Livestock Growth Acceleration Strategy, which places strong emphasis on effective extension services as a core pillar for boosting productivity, expanding modern production systems and promoting sustainable livestock management practices.

Meanwhile, participants will receive training in key thematic areas such as Good Animal Husbandry Practices, animal welfare, feed and nutrition, disease management, biosecurity, waste management, One Health principles, breeding and reproduction, humane handling, housing, record keeping and participatory extension methods.

News
Osun PDP Congress: Thugs Arrested, Alleged Governor Makinde Mobilised Them
Scores of Hoodlums Arrested, confessed Governor Makinde mobilised them. Members of the Oyo state chapter of the Peoples Democratic Party (PDP) dominated today’s governorship primaries of the PDP held at Osogbo, investigation and eyewitness accounts at the venue have revealed.
Buses filled with PDP members were seen entering from both Iwo and Ikire end of Osun state last night and early this morning with many of the buses stopping at Adolak hotel, the venue of the congress.
A check through the hall revealed that Osun PDP members were not in attendance even though the Ibadan based zonal youth leader of the PDP was identified as the anchor mobilised of the Oyo state PDP members for the Osun Congress.
A chat with some of the individuals at the Congress confirmed that they were mostly from Oyo state with some of them actually confirming that they were recruited to attend.
The presence of Police men and women from Oyo state who provided security cover for the mobilised party members.
Some political thugs were however arrested and they narrated how they were mobilised from the Government House in Oyo state.
On why Oyo PDP members had to be mobilised for the Osun Congress, a party chieftain from Oyo state who was also present said “Osun PDP did not conduct the mandatory three adhoc delegates to vote at the Congress.
“ So we fill the vacancies with our people from Oyo state. We cannot allow PDP to die here. That is why we have to so mobilise”, the source noted.
News
President Tinubu Nominates Gen Christopher Musa as New Defence Minister
In a letter to Senate President Godswill Akpabio, President Tinubu conveyed General Musa’s nomination as the successor to Alhaji Mohammed Badaru Abubakar, who resigned on Monday.
President Bola Ahmed Tinubu has nominated General Christopher Gwabin Musa as the new Minister of Defence.
In a letter to Senate President Godswill Akpabio, President Tinubu conveyed General Musa’s nomination as the successor to Alhaji Mohammed Badaru Abubakar, who resigned on Monday.
General Musa, 58, on December 25, is a distinguished soldier who served as Chief of Defence Staff from 2023 until October 2025. He won the Colin Powell Award for Soldiering in 2012.
Born in Sokoto in 1967, General Musa received his primary and secondary education there before attending the College of Advanced Studies in Zaria.
He graduated in 1986 and enrolled at the Nigerian Defence Academy the same year, earning a Bachelor of Science degree upon graduation in 1991.
General Musa was commissioned into the Nigerian Army as a Second Lieutenant in 1991 and has since had a distinguished career.
His appointments include General Staff Officer 1, Training/Operations at HQ 81 Division; Commanding Officer, 73 Battalion;
Assistant Director, Operational Requirements, Department of Army Policy and Plans; and Infantry Representative/Member, Training Team, HQ Nigerian Army Armour Corps.
In 2019, he served as Deputy Chief of Staff, Training/Operations, Headquarters Infantry Centre and Corps; Commander, Sector 3, Operation Lafiya Dole; and Commander, Sector 3 Multinational Joint Task Force in the Lake Chad Region.In 2021, General Musa was appointed Theatre Commander, Operation Hadin Kai.
He later became Commander of the Nigerian Army Infantry Corps before being appointed Chief of Defence Staff by President Tinubu in 2023.
In the letter to the Senate, President Tinubu expressed confidence in General Musa’s ability to lead the Ministry of Defence and further strengthen Nigeria’s security architecture.
Bayo OnanugaSpecial Adviser to the President,(Information and Strategy)December 2, 2025
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