The Central Bank of Nigeria (CBN) has announced the dissolution of the boards and management of Union, Keystone, and Polaris Banks.
This was contained in a terse statement issued on Wednesday evening, January 10, 2023.
The central bank said the action became necessary due to the non-compliance of the aforementioned banks and their respective boards with the provisions of Section 12(c), (f), (g), (h) of the Banks and Other Financial Institutions Act (BOFIA) 2020., suggesting a threat to the financial stability of the system.
Hours later, the apex bank announced the appointment of new executives to oversee the affairs of the banks.
The new executives for Union Bank include Yetunde Oni as Managing Director/Chief Executive Officer and Mannir Ubali Ringim as Executive Director.
The CBN also appointed Hassan Imam as Managing Director/ Chief Executive of Keystone Bank as well as Chioma Mang as Executive Director.
For Polaris Bank, Lawal Mudathir Omokayode Akintola becomes Managing Director/ Chief Executive of the bank with Chris Onyeka as Executive Director.
According to the statement, the appointments take immediate effect.
The decision followed the recommendations of Special Investigator Jim Obazee, appointed by President Bola Ahmed Tinubu in July 2023 to investigate the CBN and related institutions.
The investigative report accused the former CBN Governor, Godwin Emefiele, of personally acquiring banks through proxies, specifically Union Bank of Nigeria for Titan Trust Bank Limited and Keystone Bank, without providing evidence of payment.
In December 2023, the Special CBN Investigator, Jim Obazee, summoned Titan Trust Bank’s (TTB) chairman, Babatunde Lemo, for questioning regarding TTB’s acquisition of Union Bank of Nigeria Plc (UBN).
However, Titan Trust Bank issued a press release denying any wrongdoing.
A leaked report by the Special Investigation on the Central Bank of Nigeria and other entities also alleged financial and legal irregularities within the Central Bank of Nigeria (CBN) under the leadership of Godwin Emefiele.
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