In a dramatic move that has sent shockwaves across Nigeria’s financial and corporate sectors, the Federal Government has taken over the assets of a leading Nigerian commercial bank, effectively removing its largest shareholders from control.
The development, confirmed by multiple sources and first reported by Legit.ng, follows a series of investigations by regulatory authorities over alleged financial mismanagement, infractions bordering on money laundering, and failure to meet capital adequacy requirements.
According to reports, the Central Bank of Nigeria (CBN), in collaboration with the Nigerian Deposit Insurance Corporation (NDIC) and the Economic and Financial Crimes Commission (EFCC), coordinated the swift takeover of the bank’s management structure, seizing assets believed to be under the control of the now-dismissed shareholders.
A source familiar with the matter revealed that the affected shareholders include high-profile billionaires with significant stakes in the bank, who have now been stripped of ownership and influence. The FG reportedly acted based on “compelling evidence” of consistent regulatory breaches and systemic risks the bank posed to the stability of the financial system.
While the name of the bank has not been officially disclosed at the time of filing this report, insider sources suggest it is a mid-tier commercial bank with a strong presence in Lagos and Abuja, and substantial digital banking operations.The government has appointed an interim management team to oversee the bank’s daily operations and restore public confidence in its services. Customers are advised to remain calm as deposits remain insured and safe under the NDIC.
This takeover marks one of the most aggressive financial interventions by the Tinubu administration and may signal a broader crackdown on alleged corporate corruption and regulatory violations within Nigeria’s banking sector.More updates to follow as the story unfolds.
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