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 Jails Ex-minister Mamman 75 years for N33.8bn fraud
Furthermore, the court ordered the forfeiture of various foreign currencies that were recovered from the convict, as well as four choice property in Abuja that were traced to him.
Former Minister of Power, Saleh Mamman, has been sentenced to 75 years in prison for having stole public funds totalling about ₦33.8 billion.
Mamman was sentenced on Wednesday, 13 May, 2026, by the Federal High Court sitting in Abuja.
The court, in the judgment delivered by Justice James Omotosho, convicted and sentenced him on all 12 counts of fraud and money laundering charges preferred against him by the Economic and Financial Crimes Commission (EFCC).
Whereas he was handed seven years each on 10 counts of the charge, the court jailed him for three years and two years on counts four and five of the charge.
Justice Omotosho held that the sentence should run consecutively without the option of fine except on count four which he allowed the payment of N10 million fine.
Furthermore, the court ordered the forfeiture of various foreign currencies that were recovered from the convict, as well as four choice property in Abuja that were traced to him.
News
Senator Oluremi Tinubu Flags Off Menstrual Hygiene Campaign in Benue
..….Urges support for girl child
The wife of the President of Nigeria and Founder of the Renewed Hope Initiative, Oluremi Tinubu, has launched the “Flow with Confidence” Menstrual Hygiene Campaign Programme in Benue State, with a call for collective action towards empowering school girls through proper menstrual hygiene management and access to sanitary products.
The programme, held at the Old Banquet Hall, Government House Makurdi, was organised under the Renewed Hope Initiative with the theme, “Empowering School Girls through Menstrual Hygiene.”
In her address, delivered by the Benue State Coordinator, Office of the First Lady and Renewed Hope Initiative State Coordinator, Scholastica Ben-Sor, Senator Oluremi Tinubu said no girl should be forced to miss school because she cannot afford sanitary pads.
The First Lady described the situation where girls resort to unsafe alternatives or stay away from school during menstruation as unacceptable, especially in rural communities, stressing that the intervention was designed to restore dignity, confidence and educational continuity for young girls across the country.
She disclosed that the Renewed Hope Initiative would distribute one-year supplies of disposable sanitary pads to 370,000 school girls in rural communities nationwide, with each state and the Federal Capital Territory receiving 10,000 packs for distribution through State First Ladies and RHI Coordinators.
According to her, the initiative is aimed at supporting girls who are unable to afford sanitary products, while also promoting proper reproductive health and hygiene.
Senator Tinubu revealed that the Renewed Hope Initiative expended over N2.5 billion in procuring the customised disposable sanitary pads from a local manufacturing company, Uniglory Nigeria Limited, Ikorodu, Lagos State, and appealed to corporate organisations, agencies and well-meaning Nigerians to support the programme.
She urged Local Government Chairmen and their wives to take ownership of the intervention and ensure that the sanitary pads reach deserving girls in rural communities, warning that the items must not be sold under any circumstance.
The First Lady also called on traditional, religious and community leaders to monitor the distribution process and support efforts aimed at helping girls grow into responsible and informed adults.
Addressing the beneficiaries, she encouraged the girls to remain focused on their education, support one another and never allow stigma associated with menstruation to diminish their confidence.
“I believe in you because you are the future of this nation,” she stated, as she formally flagged off the distribution of the “Flow with Confidence” Menstrual Hygiene Packs.
Earlier in her opening remarks, Hon. Scholastica Ben-Sor welcomed participants to the programme and described the Renewed Hope Initiative as a people-oriented intervention covering health, education, agriculture, social investment and economic empowerment
She urged the participants, especially the wives of Local Government Chairmen, to pay close attention to the message of the First Lady and ensure the intervention reaches vulnerable girls at the grassroots.
Hon. Ben-Sor explained that her office had resolved to sustain the initiative annually in Benue State by complementing the sanitary pad distribution programme to reach more beneficiaries, including girls in government secondary schools, Internally Displaced Persons camps and rehabilitation centres for children with special needs.
In her remarks, wife of the Benue State Deputy Governor, Christy Sam Ode, represented by Hon. Mrs Patience Erube, described menstruation as a natural part of womanhood that should never attract shame or stigma.
She encouraged the girls to carry themselves with dignity and confidence, while paying attention to lessons on menstrual hygiene and self-care.
Different lectures and goodwill messages from health professionals and wives of chairmen of local government areas in Benue State were received at the occasion.
The event also featured an interactive session during which the school girls asked questions and sought clarifications on issues relating to menstrual hygiene, and personal safety, with the keynote speakers providing detailed responses and guidance.
News
INEC Moves to Upgrade Staff Healthcare Facilities, Welfare
The Chairman of the Independent National Electoral Commission, Joash Amupitan, has announced plans to improve healthcare services and staff welfare through the renovation of existing clinic facilities and the acquisition of a larger healthcare centre for workers of the Commission.
Prof. Amupitan made this known during the grand finale of the 2026 International Nurses Week celebration held at the INEC Headquarters in Abuja.

Speaking at the event themed “Our Nurses, Our Future: Empowered Nurses Save Lives,” the INEC Chairman disclosed that the decision followed reports on the poor state of the Commission’s clinic facilities.
According to him, due process for the renovation of the Kubwa Clinic has already commenced after an assessment report was submitted to management.
Prof. Amupitan also revealed that the Commission is making arrangements to acquire a bigger clinic facility in Area 10, Abuja, to further strengthen healthcare delivery for staff.
He stressed that the nature of INEC’s operations exposes employees to significant risks, making access to quality healthcare and welfare support essential for a productive workforce.

The INEC Chairman described nurses as the backbone of healthcare delivery and commended their dedication, professionalism, and compassion in caring for people across different sectors of society.
He assured nurses and staff of the Commission’s commitment to improving welfare despite existing challenges and urged medical personnel attached to INEC to continue monitoring the health of workers and management staff.
In her remarks, National Commissioner and Chairman of the Health and Welfare Committee, Rhoda Gumus, described nursing as a valuable profession to humanity and praised nurses for their contributions to healthcare delivery, disease prevention, and community wellbeing.

Other goodwill messages delivered at the event also highlighted the critical role nurses play in sustaining effective healthcare services.
The Registrar and Chief Executive Officer of the Nursing and Midwifery Council of Nigeria, Ndagi Alhassan, said that the theme of the 2026
celebration reflects a major policy direction aimed at strengthening the nursing profession in Nigeria.
Highlights of the ceremony included tributes to Florence Nightingale, presentation of awards to top INEC officials, and recognition of retired nurses for their meritorious service to the Commission.
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