CBN sacks boards of Union, Keystone, Polaris banks

The Central Bank of Nigeria has, with immediate effect, sacked the entire Board of Directors of Polaris, Union and Keystone Banks.

A statement by Sidi Ali, acting director of communications at the apex bank, said the sack was necessitated because the affected banks posed a threat to Nigeria’s financial stability. 

The CBN decision was taken in a meeting led by the apex bank’s governor, Yemi Cardoso, on Wednesday in Abuja.

The action follows the recommendation of the Special Investigator, Jim Obazee, appointed by President Bola Tinubu in July 2023, to probe the activities of the CBN and other relevant establishments.

The report of the special investigation into the activities of the CBN had accused the immediate past governor of the apex bank, Godwin Emefiele, of acquiring banks for himself through proxies.

The report stated that Emefiele used proxies to acquire Union Bank of Nigeria for Titan Trust Bank Limited and Keystone Bank without any evidence of payment.

As a result, it recommended that the Federal Government reverse the sale of the banks and take them over.

Ibrahim Ibrahim

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