The Central Bank of Nigeria (CBN) has sacked the boards and management teams of three banks namely Union Bank, Keystone Bank, and Polaris Bank.
Acting spokesperson of the CBN Sidi Hakama made this known in a statement on Wednesday night.
The apex bank 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.
The statement said, “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 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. Our Banking system remains strong and resilient.”
CBN investigator told lies about me for satanic agenda — Emefiele
Last December, the special investigator appointed by President Bola Tinubu to probe the CBN, Jim Obazee, alleged that some persons were used as proxies by a former CBN governor, Godwin Emefiele, to set up Titan Trust Bank in order to acquire Union Bank.
But Titan Trust Bank whose chairman is Tunde Lemo debunked it.
In the case of Polaris Bank, it was alleged that another party made a higher purchase offer during the sale of the bank compared to the offer that was eventually accepted by the CBN.
The apex bank, under Emefiele, said the claims were untrue.
