CBN dismisses boards of Union, Keystone, Polaris, Titan Banks

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

In a meeting held on Wednesday, the boards and chief executives of these banks were individually addressed for 30 minutes by Deputy Governor Phillip Ikeazor, responsible for Financial System Stability.

A panel, comprising three other governors, namely Deputy Governor Emem Usoro (Operations), Muhammad Abdullahi (Economic Policy), and Bala Bello (Corporate Services), presented a litany of issues related to non-compliance and other infractions committed by the affected banks, leading to the formal removal of their boards.

This decision comes in the wake of a recent report from Special Investigator Jim Obazee on the Central Bank of Nigeria (CBN) and related entities.

President Bola Tinubu had appointed the special investigator, who had earlier extended invitations to Titan Trust Bank investors. However, reports indicate that they declined to attend a meeting with the Special Investigator.

The Central Bank of Nigeria is poised to release an official statement, shedding more light on the circumstances surrounding this significant shakeup in the banking sector.