The Central Bank of Nigeria Wednesday announced the sack of the entire Board of Directors of Polaris, Titan, Union and Keystone Banks.
The sack, according to the apex bank is with immediate effect.
CBN, in a press statement signed by its spokesperson Hakama Sidi Ali, noted that 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 others.
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 the immediate past governor of the apex bank, Godwin Emefiele, of acquiring banks for himself through proxies.
The report stated 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.
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.
