The Central Bank of Nigeria (CBN) has dissolved the boards and managements of Titan Trust Bank, Polaris Bank, Union Bank and Keystone Bank with immediate effect.
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In a statement on Wednesday signed by CBN’s Acting Director of Corporate Communications, Hakama Sidi Ali, the action was due to the banks’ non-compliance with various sections of the Banks and Other Financial Institutions Act 2020.
Specifically, the CBN cited section 12(c), (f), (g) and (h) of the law which the affected banks and their directors had variously violated leading to today’s sack.
Their offenses include regulatory breaches, poor corporate governance practices, violating license conditions and engaging in risky activities threatening overall banking system stability.
However, while reassuring customers of the safety of their deposits, the CBN said Nigeria’s banking sector remains strong despite having to wield the big stick on the three lenders to preserve integrity.
The action follows the recommendation of the Special Investigator, Jim Obazee, appointed by President Bola Tinubu in July 2023, to probe the activities of the CBN and other relevant establishments.
The report of the special investigation into the activities of the CBN had accused the immediate past governor of the apex bank, Godwin Emefiele, of acquiring banks for himself through proxies.
The report stated that Emefiele used proxies to acquire Union Bank of Nigeria for Titan Trust Bank Limited and Keystone Bank without any evidence of payment.
As a result, it recommended that the Federal Government reverse the sale of the banks and take them over.
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