June 23, 2024
CBN Sacks Boards Of Union, Keystone, Polaris Banks
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CBN Sacks Boards Of Union, Keystone, Polaris Banks

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

The boards of directors and chief executives of the banks were invited to a meeting yesterday, where they were addressed for 30 minutes each by the CBN’s Deputy Governor in charge of Financial System Stability, Phillip Ikeazor, and three other governors in charge of operations,economic policy and corporate services.

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The panel referenced issues of non-compliance and other infractions committed by the affected banks and then formally sacked the boards.

Earlier, the Special Investigator on Central Bank of Nigeria (CBN) and Related Entities, Jim Obazee, invited the investors in Titan Trust Bank, but they reportedly refused to honour the invitation to a meeting with the Special Investigator.

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