Union Bank: How controversial transactions led to CBN takeover

An investigation revealed financial irregularities within Union Bank of Nigeria, leading to the Central Bank of Nigeria's (CBN) intervention in January 2024. A forensic audit report highlighted questionable financial reporting practices, including the handling of foreign loans and internal fund movements. A $300 million facility obtained by Titan Trust Bank, which merged with Union Bank, was allegedly transferred onto Union Bank's balance sheet without full disclosure, potentially exposing the bank to foreign exchange risks.