…says boards committed infractions, non-compliance

Nigeria’s apex bank, the Central Bank of Nigeria, has sacked the boards of Union Bank, Polaris Bank, Keystone Bank and Titan Trust Bank, Arise News reports.

The boards of directors and chief executives of the aforementioned banks were invited to a meeting on Wednesday where they were addressed for 30 minutes each by the apex bank’s deputy governor for Financial System Stability, Phillip Ikeazor, as well as other deputy governors, Emem Usoro, Muhammad Dattijo and Bala Bello.

At the said meeting, the CBN management reeled out issues of non-compliance and other infractions committed by the affected banks and then formally sacked the boards.

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It should be recalled that the Federal Government of Nigeria recently appointed a special investigator to probe the activities of the CBN under the former governor, Godwin Emefiele.

The special investigator, Jim Obazee, made some discoveries, which may not be unconnected with the sacking of the boards of directors and chief executive officers of the banks named above

According to Arise News, the CBN will soon make an official statement on the new development in the nation’s banking sector.

Details later.