In a significant development, the Department of State Services (DSS) has taken into custody Aishah Ahmad, the Deputy Governor of the Central Bank of Nigeria (CBN) responsible for Financial System Stability. This arrest is related to alleged irregularities in the acquisition of shares in Polaris Bank, Titan Bank, and Union Bank.
NTA reported that Aishah Ahmad is being questioned regarding the source of the $300 million used by Titan Bank to complete the acquisition of Union Bank. This arrest follows the recent detention of Godwin Emefiele, the suspended CBN Governor, by the DSS, raising concerns about financial dealings within Nigeria’s central banking system.
Aishah Ahmad assumed the role of Deputy Governor at the CBN in March 2018, where she oversees Financial System Stability, a crucial position for ensuring the stability of Nigeria’s financial system.
SaharaReporters had previously exposed Emefiele’s efforts to secure the reappointment of Aishah Ahmad and Edward L. Adamu, Deputy Governor of the Corporate Services Directorate, in what appeared to be an attempt to shield himself from potential scrutiny over alleged corruption during his tenure.
The investigation revolves around a $300 million transaction involving the African Export-Import Bank (Afreximbank) and Titan Trust Bank Limited, aimed at acquiring a significant stake in Union Bank of Nigeria Plc. Prominent figures such as Prof. Benedict Oramah, President of Afreximbank, and Aminu Yaro, a notable Northern businessman, are also being probed.
These developments highlight concerns about transparency and accountability within Nigeria’s financial institutions, as multiple agencies join forces to address these issues.
In December 2022, allegations emerged that Aishah Ahmad played a role in facilitating the sale of Polaris Bank, fueling speculation about her aspirations to become the CBN Governor. The CBN has strongly refuted these claims, asserting that the sale of Polaris Bank was a well-documented institutional decision and that no higher purchase offers were presented by other parties.
As these investigations continue to unfold, they shed light on the complexities and challenges within Nigeria’s financial sector, emphasizing the importance of upholding the integrity and transparency of financial institutions.