On Saturday, the Department of State Services (DSS) apprehended and placed Mrs. Aishah Ahmad, the Deputy Governor of the Central Bank of Nigeria (CBN), under detention.
Aishah Ahmad, who oversees Financial System Stability at the CBN, is currently undergoing an interrogation regarding Titan Trust Bank’s (TTB) acquisition of Union Bank. The inquiry revolves around the source of $300 million that Titan Trust Bank used to finalize the acquisition of Union Bank.
Titan Bank, Nigeria’s newest bank at the time, acquired Union Bank in December 2021 after a majority stake sale by core investors, amounting to 89.39% ownership.
A joint statement by TTB and Union Bank stated that, pending regulatory approvals and other financial conditions, this agreement will transfer 89.39% of Union Bank’s issued share capital to TTB.
Former Union Bank Chairman, Mrs. Beatrice Hamza Bassey, expressed congratulations and anticipation of a seamless completion of the process following regulatory approvals.
Aishah Ahmad assumed her role in October 2017, appointed by former President Muhammadu Buhari, succeeding Dr. Sarah Alade, the Deputy Governor for Economic Policy at the CBN, who retired in March 2017.