Alleged $300m Fraud:DSS Detains, Interrogates  CBN’s Deputy Governor


Lagos September 10th (newsrangers)-The Department of State Services, DSS has arrested and detained the Deputy Governor of the Central Bank of Nigeria in charge of Financial System Stability, Aisha Ahmad.

According to NTA on its X, formerly Twitter handle, 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.

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

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.

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.


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Posted by on Sep 10 2023. Filed under State. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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