CBN Sacks UBN, Keystone, Polaris, Titan Trust Bank Board of Directors
The Central Bank of Nigeria (CBN) has sacked the boards of Union Bank (UBN), Polaris Bank, Keystone Bank and Titan Trust Bank, according to a statement released late evening on Wednesday.
The apex bank 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.”
It added that “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 also assured the public of the safety and security of depositors’ funds, saying it remained resolute in fulfilling its mandate to uphold a safe, sound, and robust financial system in Nigeria.
The boards of directors and chief executives of the banks were invited to a meeting on Wednesday, January 10 where they were addressed for 30 minutes each by the apex bank’s Deputy Governor in charge of Financial System Stability, Phillip Ikeazor.
Three other governors formed the panel that addressed the bank executives. They include the Deputy Governor in charge of Operations, Emem Usoro, the Deputy Governor in charge of Economic Policy, Muhammad Abdullahi and the Deputy Governor in charge of Corporate Services, Bala Bello.
The panel reeled out issues of non-compliance and other infractions committed by the affected banks and then formally sacked the boards. This followed the recent report of the Special Investigator on the Central Bank of Nigeria (CBN) and Related entities, Jim Obazee.
Earlier, the special investigator appointed by President Bola Tinubu invited the investors in Titan Trust Bank, but they reportedly refused to honour the invitation to a meeting with the Special Investigator.
Obazee reported that erstwhile CBN Gov. Godwin Emefiele used proxies to acquire Union Bank of Nigeria for Titan Trust Bank Limited and Keystone Bank without any evidence of payment.
The apex bank revealed that the affected banks’ 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. #CBN Sacks UBN, Keystone, Polaris, Titan Trust Banks Board of Directors Oil Spill: Supreme Court Upholds Shell Appeal
