DSS Detains CBN’s Deputy Governor Aisha Ahmad Over Share Acquisition Probe

The Department of State Services (DSS) has taken into custody the Deputy Governor of the Central Bank of Nigeria responsible for Financial System Stability, Aisha Ahmad, amid an investigation into alleged fraudulent share acquisitions involving Polaris Bank, Titan Bank, and Union Bank.

According to reports from NTA via their Twitter account, the detention is linked to Ahmad’s role in the acquisition of shares in the mentioned banks and the origin of the $300 million required to complete the Union Bank acquisition by Titan Bank.

Aisha Ahmad assumed the role of Deputy CBN Governor on October 6, 2017, succeeding Sarah Alade, who retired in March 2017. Her confirmation by the Nigerian Senate occurred on March 22, 2018.

In December 2022, allegations arose suggesting that Ahmad had facilitated the favorable sale of Polaris Bank in a bid to secure the position of Governor of the Central Bank of Nigeria (CBN). 

The CBN swiftly denied these claims, asserting that the sale of Polaris Bank followed institutional processes, guided by a committee comprising senior representatives from the Asset Management Corporation of Nigeria (AMCON) and the CBN.

The CBN emphasized that the divestment was conducted transparently with the involvement of external legal and financial advisors. 

The sale was approved by the leadership and boards of both Polaris Bank and the purchaser, Strategic Capital Investment Limited, with no evidence of higher purchase offers from other parties, as alleged by certain reports.


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