CBN sacks Titan, Union, Polaris and Keystone Banks’ Boards

…Cites corporate governance failure, others as reason for action

Central Bank of Nigeria, CBN, has sacked Titan, Union, Polaris and Keystone Banks’ Board of Directors

CBN sources said the decision was taken in a meeting led by the apex bank’s governor, Yemi Cardoso.

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.

Action followed corporate governance failure

Meanwhile, acting Director, Corporate Communications of CBN, Mrs. Hakama Sidi-Ali, in Abuja, on Wednesday, said: “This action became necessary due to the non-compliance of these banks and their respective boards with the provisions of Section 12(c), (f), (g), (h) of Banks and Other Financial Institutions Act, 2020.

“The Bank’s infractions vary from regulatory non-compliance, corporate governance failure, disregarding the conditions under which their licenses were granted, and involvement in activities that pose a threat to financial stability, among others.

“The CBN assures the public of the safety and security of depositors’ funds and remains resolute in fulfilling its mandate to uphold a safe, sound, and robust financial system in Nigeria. Our Banking system remains strong and resilient.”

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