Thursday, 11 January 2024 04:47

CBN sacks boards, managements of Union Bank, Keystone and Polaris

Rate this item
(0 votes)

Central Bank of Nigeria, on Wednesday, dissolved the boards and managements of Polaris, Union and Keystone Banks.

CBN, in a statement signed by Hakama Sidi Ali, its acting director, corporate communications, said the action became necessary due to the non-compliance of the banks and their respective boards with “provisions of Section 12 (c), (f), (g), (h) of the 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,” CBN said.

The financial regulator assured the public of the safety and security of depositors’ funds, adding that it remains resolute in fulfilling its mandate to uphold a safe, sound, and robust financial system in Nigeria.

CBN said Nigeria’s banking system remains strong and resilient.

The decision comes weeks after the special investigator panel probing the CBN and related entities disclosed how Godwin Emefiele, the former central bank governor, allegedly used two Dubai-based companies (Luxis International and Magna International) to set up Titan Trust Bank (TTB) as proxies for the acquisition of UBN.

The panel, led by Jim Obazee, had in their findings also shown the transactions behind the acquisition of Keystone Bank.

The panel’s report revealed other unapproved activities of the former CBN governor, directors and some government officials.

Meanwhile, on December 24, 2023, the special panel had in a letter summoned Babatunde Lemo, chairman of TTB over the institution’s acquisition of Union Bank.

 

The Cable

April 03, 2025

Oil prices sink after Trump announced sweeping new tariffs

Oil prices dropped $2 on Thursday after U.S. President Donald Trump announced reciprocal tariffs on…
April 02, 2025

Natasha outsmarts Kogi govt, Police; ‘drops’ from sky to jubilant crowds

In a spectacular display of defiance, Senator Natasha Akpoti-Uduaghan turned the Kogi State Government and…
March 30, 2025

Does wearing a cap make you go bald? Here’s what dermatologists want you to know about hair loss

Hair loss can be an upsetting and worrisome experience. But with a slew of wellness…
March 30, 2025

Two 'proof of heaven' stories and one 'proof of hell' that had atheist calling out…

Ole Braatelien What happens to our consciousness the moment we die? Christians believe our souls…
April 02, 2025

Ponzi schemes: New law slams 10-year jail term, N40m fine - SEC

Nigeria’s Securities and Exchange Commission (SEC) has finally declared war on Ponzi schemes, with a…
April 03, 2025

What to know after Day 1134 of Russia-Ukraine war

WESTERN PERSPECTIVE Putin conscripts 160K men as Russia eyes Ukraine offensive Russia has initiated its…
March 28, 2025

Bill Gates: Within 10 years, AI will replace many doctors and teachers—humans won’t be needed…

Tom Huddleston Jr. Over the next decade, advances in artificial intelligence will mean that humans…
January 08, 2025

NFF appoints new Super Eagles head coach

The Nigeria Football Federation (NFF) has appointed Éric Sékou Chelle as the new Head Coach…

NEWSSCROLL TEAM: 'Sina Kawonise: Publisher/Editor-in-Chief; Afolabi Ajibola: IT Manager;
Contact Us: [email protected] Tel/WhatsApp: +234 811 395 4049

Copyright © 2015 - 2025 NewsScroll. All rights reserved.