Many of the findings may not be unconnected with the report of the Special CBN investigator, Mr Jim Obazee who was appointed under Executive Order by President Bola Tinubu to investigate the monetary authority and related entities.
The Central Bank of Nigeria has sacked the boards of Union Bank, Polaris Bank, Keystone Bank and Titan Trust Bank.
The Boards of Directors and Chief executives of the respective banks were invited to a meeting that started at about 1pm on Wednesday where they were addressed for 30 minutes each by the apex bank’s Deputy Governor Financial System Stability Phillip ikeazor alongside three other Deputy Governors, Emem Usoro, Muhammad Dattijo and Bala Bello.
At the meeting, the CBN reeled out issues of non-compliance and other infractions committed by the affected banks and then formally sacked the boards. And many of the findings may not be unconnected with the Report of the Special CBN investigator, Mr Jim Obazee who was appointed under Executive Order by President Bola Tinubu to investigate the monetary authority and related entities in June this year.
It is not clear what next for the banks but it is expected that new management and directors will be appointed.
The CBN will be issuing an official statement shortly.
Details later..
