Central Bank of Nigeria has sacked the entire Board of Directors and the management of Polaris, Titan, Union and Keystone Banks with immediate effect.
Gatekeepers News reports that the, Ag. Director, Corporate Communications, Sidi Ali, Hakama disclosed this in a statement on Wednesday.
The statement read, “The Central Bank of Nigeria (CBN) has dissolved the Board and Management of Union Bank, Keystone Bank, and Polaris Bank.
“This action became necessary due to the non-compliance of these banks and their respective boards with the provisions of Section 12(c), (f), (g), (h) of Banks and Other Financial Institutions Act, 2020.
“The Bank’s infractions vary from regulatory non-compliance, corporate governance failure, disregarding the conditions under which their licenses were granted, and involvement in activities that pose a threat to financial stability, among others.
“The CBN assures the public of the safety and security of depositors’ funds and remains resolute in fulfilling its mandate to uphold a safe, sound, and robust financial system in Nigeria. Our Banking system. remains strong and resilient.”
The action follows the recommendation of the Special Investigator, Jim Obazee, appointed by President Bola Tinubu in July 2023, to probe the activities of the CBN and other relevant establishments.
The report of the special investigation into the activities of the apex bank had accused the immediate past governor of the CBN, Godwin Emefiele, of using ill-gotten wealth to acquire banks for himself through proxies.
The report added that Emefiele used proxies to acquire Union Bank of Nigeria for Titan Trust Bank Limited and Keystone Bank without any evidence of payment.
As a result, it recommended that the Federal Government reverse the sale of the banks and take them over.
