DSS detains deputy CBN Governor Aisha Ahmad amidst share acquisition scandal

The Department of State Services (DSS) has apprehended and detained Aisha Ahmad, the Deputy Governor of the Central Bank of Nigeria (CBN) in charge of Financial System Stability.

Her detention is linked to allegations of fraudulent share acquisition in Polaris Bank, Titan Bank, and Union Bank.

Aisha Ahmad is currently under interrogation regarding the source of $300 million reportedly used to complete the acquisition of Union Bank by Titan Bank.

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

In December 2022, the Peoples Gazette reported that Ahmad had allegedly facilitated the sale of Polaris Bank at a favorable price, potentially as a move to secure the position of Governor of the Central Bank of Nigeria (CBN).

The CBN refuted these claims, stating that the sale of Polaris Bank was an institutional decision managed by a committee comprising senior representatives from the Asset Management Corporation of Nigeria (AMCON) and the CBN.

The divestment process was said to have been coordinated with external legal and financial advisors and was approved by the leadership and boards of Polaris Bank and the purchaser, Strategic Capital Investment Limited.

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