The Central Bank of Nigeria (CBN) has dissolved the Board and Management of Union Bank, Keystone Bank, and Polaris Bank.
In a statement by Ag Director, Corporate Communications, Mrs Sidi Ali, Hakama, the Apex Bank’s 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.
Special investigator Jim Obazee had been probing the activities of former Governor of the CBN, Godwin Emefiele. In the cause of the investigation, the investors in Titan Trust Bank refused to honour the invitation to a meeting with the special investigator.
“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.
“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,” the regulator assured.
