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CBN fires boards of 4 major banks

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The Central Bank of Nigeria (CBN), has fired the boards of Union Bank, Polaris Bank, Keystone Bank and Titan Trust Bank.

The sack comes weeks after Jim Obazee, a special investigator appointed by President Bola Tinubu to probe the activities of the Central Bank under Mr Godwin Emefiele claimed that the embattled bank chief used proxies to acquire Union Bank of Nigeria for Titan Trust Bank Limited.

A statement released by the apex bank said that the action became necessary due to the non-compliance with the provisions of Section 12(c), (f), (g), (h) of Banks and Other Financial Institutions Act, 2020.

“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 statement read.

It however assured the general public of the safety and security of depositors’ funds and said it remains committed in fulfilling its mandate to uphold a safe, sound, and robust financial system in Nigeria.

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