The Central Bank of Nigeria (CBN) has ousted the boards of Union Bank, Polaris Bank, Keystone Bank, and Titan Trust Bank.
The shake-up unfolded during a meeting held on Wednesday, January 10, where the bank executives were individually addressed by the apex bank’s Deputy Governor in charge of Financial System Stability, Phillip Ikeazor.
A panel consisting of three other governors—Deputy Governor in charge of Operations, Emem Usoro; Deputy Governor in charge of Economic Policy, Muhammad Abdullahi; and Deputy Governor in charge of Corporate Services, Bala Bello—joined Ikeazor in presenting a litany of issues related to non-compliance and other infractions committed by the affected banks. Subsequently, the boards of directors were formally dismissed.
This move comes on the heels of a recent report from the Special Investigator on Central Bank of Nigeria (CBN) and Related Entities, Jim Obazee. President Bola Tinubu had appointed Obazee to investigate the affairs of the banks.
Earlier in the process, the Special Investigator had extended invitations to investors associated with Titan Trust Bank. However, reports suggest that these investors declined to participate in a meeting with the Special Investigator.
The CBN is expected to release an official statement shortly, providing further details on the reasons behind the dismissal of the banks’ leadership. This development signals a proactive approach by the central bank to address issues of non-compliance within the banking sector.
