CBN sacks management of Union, Polaris, Keystone banks


CITIZENS COMPASS —The Central Bank of Nigeria(CBN), has dissolved the Board and management of Union Bank, Keystone Bank and Polaris Bsnk. 

This was disclosed in a statement on Wednesday, January 19, 2024 and signed by CBN Acting Director, Corporate Communications, Cidi Alli Hakama (Mrs). 

The statement said this is due to the non compliance of the banks and respective boards to the Banks and Financial institution Acts. 

Also, it is part of implementation of the report of the Special Investigator on Central Bank of Nigeria (CBN) and related entities, Jim Obazee with the dissolution of the board and management of Titan Trust Bank and three others.

An online report disclosed that the decision to dissolve the boards was taken after a meeting between Yemi Cardoso, Obazee, and the board and management of the four banks.

It would be recalled that the investors in Titan Trust Bank refused to honour the invitation to a meeting with the Special Investigator.

Obazee, a special investigator, says his team has uncovered how Godwin Emefiele, the former CBN governor, set up Titan Trust Bank (TTB) to acquire Union Bank of Nigeria.

Obazee, the head of the special investigation panel on the CBN and related entities, revealed that  Emefiele used two Dubai-based companies — Luxis International DMCC (Luxis) and Magna International DMCC (MAGNA) — owned by Vink Corporation Middle East FZC, to set up Titan Trust Bank as proxies.

With the help of the Nigerian embassy in UAE, the panel report said the two companies do not have a physical presence in Dubai as claimed in their acquisition documents.

The panel also said such discovery contravenes section 3 subsection 5 of the Banks and Other Financial Institutions Act, 2020, adding that Luxis and Magna are not “supposed to be allowed to operate or acquire a bank in Nigeria”.

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