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In a startling development this weekend, the Department of State Services (DSS) took Mrs. Aishah Ahmad, the Deputy Governor of the Central Bank of Nigeria (CBN) overseeing Financial System Stability, into custody.

The focal point of this action is centered around Titan Trust Bank’s (TTB) controversial takeover of Union Bank. Ahmad is undergoing intensive questioning about TTB’s $300 million funding source used for the Union Bank acquisition.

Back in December 2021, Titan Trust Bank, then Nigeria’s emerging financial entity, clinched a deal with Union Bank after primary stakeholders offloaded a significant 89.39% of their stake. In a joint statement released on Thursday by both banks, the acquisition is pending regulatory green lights and various other financial criteria. Should it materialize, TTB will command an 89.39% stake in Union Bank’s share capital.

The statement elaborates, β€œUnion Bank’s board today informed NG X and the Securities Exchange Commission of an agreement between its investors β€” Union Global Partners Limited, Atlas Mara Limited, and others β€” and Titan Trust Bank. The pact concerns the divestment of their Union Bank stakes in favor of TTB.”

Union Bank’s erstwhile chairperson, Mrs. Beatrice Hamza Bassey, spoke positively about the acquisition, expressing optimism about the post-approval phase. She praised the bank’s present investors for their transformative contributions over the past decade to one of Nigeria’s most enduring financial institutions.

A update also brought to the fore Mrs. Aishah Ahmad’s appointment by the previous President, Muhammadu Buhari, in October 2017. Before this, she rendered her expertise as an Executive Director at Diamond Bank Plc. She filled the shoes of Dr. Sarah Alade, who vacated the Deputy Governor, Economic Policy role at CBN earlier in March 2017.

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