DSS Detains CBN’s Deputy Governor Aisha Ahmad Amid Allegations of Share Acquisition Irregularities

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

Ms. Ahmad’s detention, as reported by NTA via its X channel (formerly Twitter handle), is linked to suspicions surrounding her role in acquiring shares in Polaris Bank and Titan Bank/Union Bank. The DSS is currently interrogating her to ascertain the source of the $300 million utilized for the acquisition of Union Bank shares by Titan Bank.

Aisha Ahmad assumed her role as Deputy CBN Governor on October 6, 2017, succeeding Sarah Alade, who retired in March 2017. Her appointment was officially confirmed by the Nigerian Senate on March 22, 2018.

The recent allegations against Ahmad surfaced in December 2022 when the Peoples Gazette suggested that her involvement in facilitating the sale of Polaris Bank at an advantageous price was aimed at securing her candidacy for the position of Governor of the Central Bank of Nigeria (CBN).

The CBN swiftly refuted these claims, asserting that the sale of Polaris Bank had been a collective institutional decision, overseen by a committee comprising senior representatives from the Asset Management Corporation of Nigeria (AMCON) and the CBN. The divestment was further coordinated with external legal and financial advisors and received approval from the leadership and boards of both Polaris Bank and the purchasing entity, Strategic Capital Investment Limited. The CBN stated unequivocally that there had been no higher purchase offer from any other party, as alleged by the Peoples Gazette.

Aisha Ahmad’s arrest and subsequent interrogation are expected to shed further light on these allegations, while the nation awaits the outcome of the investigation. The situation remains fluid, and additional developments are anticipated in the coming days. Stay tuned to SK Blog for further updates on this developing story.