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Customers Panic Over Shakeup in Polaris, Titan Trust, Keystone, and Union Bank

Following the shake-ups in Polaris, Titan Trust, Keystone, and Union Bank, customers of the aforementioned banks are now under panic attacks for fear of losing their deposited funds…

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Following the shake-ups in Polaris, Titan Trust, Keystone, and Union Bank, customers of the aforementioned banks are now under panic attacks for fear of losing their deposited funds.

You would recall that following the revelations and recommendations of Jim Obazee, the Special investigator appointed by President Bola Ahmed Tinubu in July 2023 to beam light on the activities of the activities of the Central Bank of Nigeria (CBN), and other relevant establishments, the apex bank had gone ahead to fire the boards of the banks earlier mentioned.

The Obazee report like a hurricane, consumed some erstwhile powerful people in the country. The report as well exposed enormous malfeasance and other nefarious activities linked to the ousted and disgraced former CBN governor, Godwin Emefiele, and how he reportedly owned banks that he had allegedly acquired through his cronies.

ENigeria News in the past had published multiple reports exposing the illegalities involved in the acquisitions of Polaris Bank, Titan Trust Bank (TTB), and Union Bank. For instance, a report first published on our website in 2022 raised key questions and asterisked the concerns of many Nigerians in the controversial Titan Trust Bank’s acquisition of Union Bank to the tune of over $1billion.

The report which nicknamed the ludicrous transaction as “a mystery and an algebra that defies mathematical solution”, went viral and rattled the affected financial institutions, and in some cases, it resulted in a campaign of calumny against us, sponsored in a section of the media.

However, with a new board now in place at Polaris, Titan Trust, Union and Keystone Banks, ENigeria News gathered that apprehension has heightened not only among members of staff but also among a legion of their customers whose concerns have come to the attention of CBN.

Although the Apex Bank had issued a statement in an attempt to allay the fear of customers of the banks, this newspaper reliably gathered from multiple social media posts that indeed there are concerns on the part of customers as to the security of their deposited funds.

“Please check on your friends who bank with Keystone, Polaris, Titan Trust, and Union Banks, they are currently in fear over the security of their funds in those banks”, wrote Chukwudi Aluge on Facebook, days back.

Another user, Adenike Fawele wrote: “This thing I am hearing that CBN has sacked the board of my bank, I hope my money is safe, no stories oh hmm, in fact, let me jejely move it somewhere else to avoid stories that touch”.

On the other hand, sources within the affected banks have also confided in us that top management staff and board members in Polaris Bank, Titan Trust Bank, and Keystone Banks are unsettled. Some of them believe that a proper audit of the books may reveal another can of worms that may birth another saga.

It remains to be seen, where the pendulum swings from here.

Source: ENigeria News

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