The Central Bank of Nigera (CBN) has fired the boards of four banks in the country, namely Polaris Bank, Union Bank and Keystone Bank. This action is in obvious implementation of recommendations of the Special Investigator on Central Bank of Nigeria (CBN) and Related Entities, Jim Obazee. President Bola Tinubu had in July 2023, appointed Obaze to probe the activities of the CBN and other relevant establishments.
Reports say the CBN had invited the Boards of Directors and Chief executives of the four banks to a meeting on Wednesday with the Governor, Mr Yemi Cardoso, Deputy Governor Financial System Stability Phillip ikeazor alongside three other Deputy Governors, Emem Usoro, Muhammad Dattijo and Bala Bello addressing each of the banks for about 30 minutes. The bank executives were thereafter informed of the decision to sack them based on issues of non-compliance and other infractions committed by the affected banks.
The Obaze report had indicted the banks acting as fronts for embattled CBN Governor, Godwin Emefiele in acquiring Union Bank of Nigeria for Titan Trust Bank Limited and Keystone Bank without any evidence of payment.
It is expected that the apex bank will anounce new boards for the bank shortly.
