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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.
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Tinubu returns to Abuja from Ankara State Visit
President Bola Ahmed Tinubu has returned to Abuja after concluding a successful state visit to Türkiye, where he held high-level talks with President Recep Tayyip Erdoğan and signed multiple bilateral agreements.
The President arrived in Abuja on Saturday evening, January 31, 2026, around 8:30–8:55 p.m. local time, following his departure from Türkiye.
Tinubu departed Abuja on Monday, January 26, 2026, for the state visit to Ankara, Türkiye’s capital.
The trip focused on strengthening Nigeria-Türkiye relations in areas including trade, defense, security, energy, education, media, and technical cooperation.
Key highlights included the signing of nine Memoranda of Understanding (MOUs), aimed at boosting economic ties, defense collaboration (including potential training for Nigerian Special Forces), and a targeted increase in bilateral trade volume. Both leaders described the engagements as ushering in a “new era” of strategic partnership.
The visit drew public attention, including an incident during the official welcome ceremony in Ankara where President Tinubu briefly stumbled but continued without issue, with aides confirming he was in good health.
Upon his return, focus now shifts to implementing the signed agreements, including the activation of joint committees on trade and other sectors.
The Presidency has emphasized the visit’s role in advancing Nigeria’s diplomatic and economic interests on the global stage.
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News
Ladoke Akintola: The Thunder of History – Nation Remembers 60 Years After Assassination
Exactly sixty years after his tragic assassination during Nigeria’s first military coup, the legacy of Chief Samuel Ladoke Akintola former Premier of the Western Region and the 13th Aare Ona Kakanfo of Yorubaland continues to resonate as “the thunder of history,” a powerful symbol of courage, pragmatism, and unyielding leadership.
On January 15, 2026, marking the 60th remembrance of Akintola’s death on January 15, 1966, tributes poured in from across Nigeria, with events held in Ibadan and Ogbomosho emphasizing his enduring impact on the nation’s political evolution.
Chief Akintola, born on July 6, 1910, in Ogbomosho, was a multifaceted figure: lawyer, journalist, orator, nationalist, Baptist lay preacher, and conservative Yoruba leader who rose from humble beginnings to become one of the founding fathers of modern Nigeria.
Akintola served as Premier of the Western Region from October 1960 until his assassination in the January 15, 1966 coup that ended the First Republic. His tenure was marked by intense political rivalries, particularly his fallout with Chief Obafemi Awolowo over ideological differences Akintola’s pragmatic, business-oriented approach clashed with Awolowo’s democratic socialism.
The crisis led to a state of emergency in the region, Akintola’s brief removal and restoration to power, and the formation of the Nigerian National Democratic Party (NNDP) in alliance with the Northern People’s Congress.
Despite controversies surrounding the 1965 elections, which many historians cite as a catalyst for the coup, supporters portray Akintola as a realist who prioritized regional development, infrastructure, and confronting realities head-on rather than ideological purity.
“He believed that leadership must confront reality as it is, not as it ought to be,” noted commentators during the remembrance.
The Samuel Ladoke Akintola Memorial Foundation organized commemorative activities, providing a platform to honor his contributions and re-examine his role in Nigeria’s political history.
Prominent voices, including former Information Minister Sunday Dare, described the gathering in Ibadan as one of gratitude rather than mourning: “Chief Samuel Ladoke Akintola did not live too long but he lived well and looms large. He did not die in silence he entered eternity in the thunder of history.
“Born into a family of traders and warriors, Akintola’s early life included education in Minna and Ogbomosho, teaching at Baptist institutions, and further studies in public administration and law in England. He returned to Nigeria in 1950, serving in various federal roles before becoming deputy leader of the Action Group and eventually Premier.
His assassination at age 55 in Ibadan remains a pivotal moment in Nigerian history, symbolizing the fragility of the young republic. Today, as Nigeria grapples with contemporary leadership challenges, reflections on Akintola’s life highlight lessons in pragmatism, sacrifice, and the burdens of power.
Stakeholders continue to call for the preservation of his legacy, including calls to restore his once-grand residence, now in disrepair, as a historical site.
Sixty years on, Chief Samuel Ladoke Akintola remains a towering, if complex, figure whose thunder still echoes through Nigeria’s political landscape.
News
Benue Governor Alia begins massive road reconstruction in Gboko and environs
Engineer Tivfa Wombo, Director of Civil Engineering in the Ministry of Works, detailed the extensive works during the event, highlighting the strategic importance of these roads in connecting critical areas within Gboko township and beyond.
Benue State Governor, Rev. Fr. Hyacinth Alia, has officially flagged off the ambitious reconstruction and dualization of 55.09 kilometres of major road networks in Gboko and its surrounding areas, in a move aimed at transforming infrastructure and boosting economic activities in the state.
The groundbreaking ceremony, held at Lubona Junction in Gboko Local Government Area on Tuesday, January 27, 2026, marks a significant step in the administration’s commitment to quality road infrastructure.
The project, valued at N62.135 billion according to the Benue State Ministry of Works, is targeted for completion within five months.
Governor Alia, while performing the flag-off, emphasized his administration’s focus on deliberate development, stating that the initiative will ease traffic congestion, enhance urban mobility, stimulate commerce, create employment opportunities, and improve the overall quality of life for residents of Gboko and environs.
The scope of the project includes the reconstruction and dualization of several key roads, such as:
– Yandev Roundabout to Lubona Junction
– Captain Dawns Road
– Tor Tiv Roundabout to Lessel Road- J.S. Tarka to Mkar Roundabout (as a dual carriageway)
– Tor Tiv Roundabout (Gondo Aluor) to Mkar and Ameladu Road- NKST Anzua Link Road
– Bristow Roundabout to Tor Tiv Palace (Akaahar Adi) Road
Engineer Tivfa Wombo, Director of Civil Engineering in the Ministry of Works, detailed the extensive works during the event, highlighting the strategic importance of these roads in connecting critical areas within Gboko township and beyond.
The governor expressed gratitude to President Bola Ahmed Tinubu for his support, underscoring the collaborative efforts between the state and federal government in driving infrastructure development. Benue State APC Chairman, Chief Titus Zam, also commended the governor for the project, describing it as part of a broader agenda to open up the state through quality infrastructure.
This Gboko road network initiative is noted as the second-longest single road project in the state, following ongoing works on a 57-kilometre network in the Benue South Senatorial District, including the Awajir–Oju road.
Stakeholders and residents have welcomed the development as a timely intervention to address long-standing road challenges in one of Benue’s major commercial hubs, with expectations high for timely delivery and lasting impact on local economies and daily commuting.
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