CBN Sacks Boards of Union, Titan Trust, Keystone and Polaris Banks

The Central Bank of Nigeria has sacked the boards of Union Bank, Polaris Bank, Keystone Bank and Titan Trust Bank. 

The Boards of Directors and 

Chief Executives of the respective banks were invited to a meeting that started at about 1pm on Wednesday where they were addressed for 30 minutes each by the apex bank’s Deputy Governor Financial System Stability, Phillip ikeazor, alongside three other Deputy Governors, Emem Usoro, Muhammad Dattijo and Bala Bello.

At the meeting, the CBN reeled out issues of non-compliance and other infractions committed by the affected banks and then formally sacked the boards. Many of the findings may not be unconnected with the Report of the Special CBN investigator, Mr Jim Obazee, who was appointed under Executive Order by President Bola Tinubu to investigate the monetary authority and related entities in June this year.

According to an official statement released by the CBN and seen by ARISE News, the action became necessary due to the non-compliance with the provisions of Section 12(c), (f), (g), (h) of Banks and Other Financial Institutions Act, 2020. 

“The 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 statement read.

The CBN however assured the public of the safety and security of depositors’ funds and said it 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 concluded. 

It is not clear what is next for the banks but it is expected that new management and directors will be appointed. 

Demola Ojo 

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