Categories: NewsNigeria News

CBN Dissolves Boards Of Keystone, Titan, 2 Other Banks

CBN has dissolved the boards of Keystone, Titan and 2 other banks.

Glamtush reports that the Central Bank of Nigeria (CBN) has sacked the boards of Union Bank, Polaris Bank, Keystone Bank and Titan Trust Bank.

This online newspaper understands that the apex bank in a statement signed by its Acting Director of Corporate Communications, Sidi Hakama, 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.”

It added that “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 also assured the public of the safety and security of depositors’ funds, saying it remained resolute in fulfilling its mandate to uphold a safe, sound, and robust financial system in Nigeria.

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.

See the full statement below:

CBN Dissolves the Board and Management of Union Bank, Keystone Bank and Polaris Bank

The Central Bank of Nigeria (CBN) has dissolved the Board and Management of Union Bank, Keystone Bank, and Polaris Bank.

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 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.

 

Sidi Ali, Hakama (Mrs.)

Ag. Director, Corporate Communications

 

 

GLAMTUSH

Recent Posts

PHOTOS: Davido Receives Luxury Car From Auto Firm For 32nd Birthday

Davido has received a luxury car from an auto firm for his 32nd birthday.  …

14 hours ago

VIDEO: How Primate Ayodele Foretold Simon Ekpa’s Arrest In 2023

Simon Ekpa, a Finnish-Nigerian separatist agitator and self-proclaimed Prime Minister of the Biafra Republic Government…

14 hours ago

Speaker Obasa Clarifies Negative Perceptions As Sanwo-Olu Presents 2025 Budget

Accuses detractors of peddling news of alleged governorship ambition.   Speaker of the Lagos State…

14 hours ago

Simon Ekpa, Four Others Arrested In Finland Over Terrorism Activities

Simon Ekpa and four others have been arrested in Finland over terrorism activities.   Glamtush…

18 hours ago

Davido Celebrates 32nd Birthday With ₦300m Donation To Orphanages

Davido is excited to celebrate his 32nd birthday with a ₦300m donation to orphanages.  …

20 hours ago

America Returnee Found Dead In Ogun Hotel

An American returnee has been found dead in an Ogun hotel.   Glamtush reports that…

21 hours ago