DSS Arrests, Grills Central Bank Deputy Governor, Aishah Ahmad

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According to NTA on its X (formerly Twitter) handle, Ahmad was arrested and detained over the alleged fraudulent acquisition of shares in Polaris Bank, Titan Bank/Union Bank.


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


According to NTA on its X (formerly Twitter) handle, Ahmad was arrested and detained over the alleged fraudulent acquisition of shares in Polaris Bank, Titan Bank/Union Bank.

The report added that the CBN Deputy Governor is currently being interrogated on how the $300 million to complete the acquisition of Union Bank was raised by Titan Bank.


Her arrest and grilling followed the arrest and detention of the suspended Governor of the CBN, Godwin Emefiele, also by the DSS.


Ahmad was appointed Deputy Governor at the CBN on March 23, 2018. As Deputy Governor in charge of Financial System Stability, she is responsible for leading the effort to promote a sound financial system in Nigeria; one of the principal objects of the Bank as specified within the CBN Act. In this role, Ahmad is a member of the CBN’s Governing Board and Committee of Governors and Chairman of the Financial Institutions Training Centre (FITC)

SaharaReporters had reported how Emefiele had perfected plans to cover up his corruption records when Muhammadu Buhari was Nigeria’s president.


Multiple sources told SaharaReporters how Emefiele secretly sent the names of Mrs. Aishah N, Ahmad, Deputy Governor, Financial System Stability Directorate and Mr. Edward L. Adamu Deputy Governor, Corporate Services Directorate to President Muhammadu Buhari for renewal.


The move by Emefiele to nominate his stooges for re-appointment was part of plans to cover his corruption records in the bank, it was learnt.


“Emefiele has secretly sent Aisha and Edward’s names for renewal months before time to stop the next government from appointing their own candidate and to allow them to cover his back,” a source in the bank had told SaharaReporters.


“He has paid the villa cabals millions in dollars to get the renewals approved. Edward was that one on the audio SaharaReporters exclusively leaked.


“Aisha is that deputy governor Samaila Isa Funtua and his son brought.”


SaharaReporters had reported that Emefiele; the President of African Export-Import Bank (Afreximbank), and Prof. Benedict Oramah; among others were under investigation over the $300 million the pan-African multilateral financial institution gave to Titan Trust Bank Limited to acquire 93.4 per cent stake in the Union Bank of Nigeria Plc.


Others being investigated were Aminu Yaro, a Northern business mogul and one Farouk Gumel.


Sources had told SaharaReporters that the EFCC, DSS, the Independent Corrupt Practices and Other Related Offences Commission (ICPC) and the Nigerian Financial Intelligence Unit (NFIU) were all investigating Oramah, Emefiele and others.


In December 2022, the Peoples Gazette reported that Ahmad helped facilitate the sale of Polaris Bank at a favourable price in order to be considered for the position of CBN Governor.


The CBN denied these allegations and described the sale of Polaris Bank aas an institutional decision supervised by a committee of senior representatives of the Asset Management Corporation of Nigeria (AMCON) and the CBN.


The CBN stated that no other party made a higher purchase offer as alleged by the newspaper.

Lawal AbdulSalam Olawale

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