CBN sacks boards of Titan Trust, Union, Keystone, Polaris banks

Published: January 10, 2024

The Central Bank of Nigeria (CBN) has announced the dissolution of the boards and management teams of Titan Trust Bank, Union Bank, Keystone Bank, and Polaris Bank.

This decision comes following a meeting involving Yemi Cardoso and Jim Obazee, the special investigator appointed to scrutinise the actions of former CBN Governor Godwin Emefiele and the respective boards and managements of the four banks.

It has been reported that the investors in Titan Trust Bank refused to honour the invitation to a meeting with the Special Investigator.

The CBN, in a statement issued on Wednesday by Sidi Ali, Hakama (Mrs.) Ag. Director, Corporate Communication, read in part, “The Central Bank of Nigeria (CBN) has dissolved the Board and Management of Union Bank, Keystone Bank, and Polaris Bank.

“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), and (h) of the Banks and Other Financial Institutions Act, 2020.

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