Stewardship, not seizure: What the Union Bank case is really about

In 2022, Titan Trust Bank Limited acquired approximately 94% of Union Bank of Nigeria for $300 million, predominantly financed through an Afreximbank loan. An audit revealed that this loan was reflected in Union Bank's books, leading to a deterioration in its capital adequacy ratio and an increase in non-performing loans. The Central Bank of Nigeria dissolved the bank's board due to these regulatory infractions, contradicting claims that it acted without evidence.