The Central Bank of Nigeria has sacked the entire Board of Directors of Union, Polaris, Titan, Union and Keystone Banks with immediate effect.
The CBN in a statement signed by its Acting Director of Corporate Communications, Sidi Hakama, said “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,” it stated.
All affected banks are involved in the special investigations into how the CBN was run under the ex-CBN governor, Godwin Emefiele.
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 CBN had accused former CBN governor, Godwin Emefiele, of acquiring banks for himself through proxies. It recommended that the Federal Government reverse the sale of the banks and take them over as the banks were acquired without evidence of payment.
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.
