Business

BREAKING: CBN Sacks Union Bank Board Of Directors; Also Disbands Those Of Keystone, Polaris And Titan Banks

Posted by: Quickresponse | January 10, 2024

Caption: •CBN Governor Yemi Cardoso

The Central Bank of Nigeria (CBN) has sacked the boards of Union Bank, Polaris Bank, Keystone Bank and Titan Trust Bank.
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 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.
The apex bank will be issuing an official statement shortly. (Text, excluding headline: Channels TV)