The Central Bank of Nigeria (CBN) has sacked the Boards of Directors and management teams of Union, Keystone, and Polaris Banks.<\/p>\n
The board and management dissolution is with immediate effect.<\/p>\n
All the managing directors and executive directors of the three banks are affected with the dissolution.<\/p>\n
Sources at the apex bank opined that the decision to sack the boards was taken at a meeting chaired by Governor Yemi Cardoso on Wednesday in Abuja.<\/p>\n
The managements and boards of the affected three banks and the CBN Special Investigator were in attendance.<\/p>\n
The apex bank, in a statement issued by Mrs. Sidi Ali, Hakama, Ag. Director, Corporate Communications, \u201cthis 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.\u201d<\/p>\n
According to the CBN, \u201cThe banks\u2019 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.<\/p>\n
\u201cThe CBN assures the public of the safety and security of depositors\u2019 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.\u201d<\/p>\n
The development was consequent upon the recommendation of the Special Investigator, Jim Obazee, appointed by President Bola Tinubu to probe CBN activities.<\/p>\n
The report had indicted the immediate past governor of CBN, Godwin Emefiele, of using cronies to purchase some of the banks without evidence of payment.<\/p>\n
Also, Obazee said the purchase of some of the banks didn\u2019t follow due process.<\/p>\n","protected":false},"excerpt":{"rendered":"
The Central Bank of Nigeria (CBN) has sacked the Boards of Directors and management teams of Union, Keystone, and Polaris Banks. The board and management dissolution is with immediate effect.…<\/p>\n","protected":false},"author":1,"featured_media":110070,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[5],"tags":[],"class_list":["post-110069","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"\n