DSS Arrests, Grills CBN Deputy Gov., Aisha Ahmad Over Fraudulent Acquisition Of Polaris Bank

Aisha Ahmad

The Department of State Services (DSS) has arrested and detained the Deputy Governor of the Central Bank of Nigeria (CBN) in charge of Financial System Stability, Aisha Ahmad.

According to Nigeria Television Authority via X, Ahmad was allegedly detained for fraudulent acquisition of shares in Polaris Bank, Titan Bank/Union Bank.

The CBN Deputy Governor is currently being interrogated on how the $300 million to complete the acquisition of Union Bank was raised by Titan Bank.

Information Nigeria reports that Ahmad was appointed Deputy CBN governor on 6 October 2017, confirmed by the Nigerian Senate on 22nd March 2018, replacing Sarah Alade, who retired in March 2017.

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In December 2022, the Peoples Gazette claimed that Ahmad helped facilitate the sale of Polaris Bank at a favorable price in order to be considered for the position of Governor of the Central Bank of Nigeria (CBN).

The CBN denied these allegations and asserted that the sale of Polaris Bank was an institutional decision supervised by a committee of senior representatives of Asset Management Corporation of Nigeria (AMCON) and the CBN.

According to the Apex bank, the divestment was also coordinated with outside legal and financial advisers and approved by the leadership and boards of Polaris Bank and the purchaser, Strategic Capital Investment Limited.

The CBN stated that no other party made a higher purchase offer as alleged by the Peoples Gazette.