CBN sacks boards, management of four banks

CBN sacks boards, management of four banks

The Central Bank of Nigeria has sacked the boards and management teams of four banks.

The affected banks are Union Bank, Polaris Bank, Keystone Bank and Titan Trust Bank.

The CBN disclosed this in a statement obtained on Wednesday from its official X account.

The action came  after the Special Investigator, Jim Obazee, appointed by President Bola Tinubu in July 2023, to probe the activities of the CBN and other relevant establishments, had presented his report.

The report indicted the former CBN governor, Godwin Emefiele, of using fraudulently acquired wealth to buy banks for himself through proxies.

The CBN’s statement read, “The Central Bank of Nigeria (CBN) has disolved the boards and the management of Union Bank, Polaris Bank, Keystone Bank and Titan Trust Bank.

“The 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 other

“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.”