{"id":137730,"date":"2024-01-11T07:06:48","date_gmt":"2024-01-11T07:06:48","guid":{"rendered":"https:\/\/www.ghanamma.com\/2024\/01\/11\/cbn-dissolves-boards-managements-of-union-keystone-polaris-bank\/"},"modified":"2024-01-11T07:06:48","modified_gmt":"2024-01-11T07:06:48","slug":"cbn-dissolves-boards-managements-of-union-keystone-polaris-bank","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2024\/01\/11\/cbn-dissolves-boards-managements-of-union-keystone-polaris-bank\/","title":{"rendered":"CBN Dissolves Boards, Managements Of Union, Keystone, Polaris Bank"},"content":{"rendered":"<p><\/p>\n<div>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"aligncenter size-full wp-image-885290\" src=\"https:\/\/www.ghanamma.com\/wp-content\/uploads\/2023\/12\/Screenshot_20230708-002123_Opera-Mini.jpg\" alt=\"Central Bank of Nigeria\" width=\"1080\" height=\"769\"  \/><\/p>\n<p>The Central Bank of Nigeria (CBN), on Wednesday, dissolved the boards and managements of Polaris, Union and Keystone Banks.<\/p>\n<p>In a statement signed by Hakama Sidi Ali, its acting Director, Corporate Communications, the CBN said the action became necessary due to the non-compliance of the banks and their respective boards with \u201cprovisions of Section 12 (c), (f), (g), (h) of the Banks and Other Financial Institutions Act, 2020.\u201d<\/p>\n<p>\u201cThe Bank\u2019s infractions vary from regulatory non-compliance, corporate governance failure, disregarding the conditions under which their licenses were granted, and involvement in activities<br \/>that pose a threat to financial stability, among others,\u201d the apex bank said as it maintained that Nigeria\u2019s banking system remains strong and resilient.<\/p>\n<p><strong>READ ALSO: EFCC Seizes Betta Edu\u2019s Passport, Invites Three Top Bank M.Ds Linked To N44bn, N585m Fraud For Questioning<\/strong><\/p>\n<p>The financial regulator further assured the public of the safety and security of depositors\u2019 funds, adding that it remains resolute in fulfilling its mandate to uphold a safe, sound, and robust financial system in Nigeria.<\/p>\n<p>The decision comes weeks after the special investigator panel probing the CBN and related entities disclosed how Godwin Emefiele, the former Central Bank governor, allegedly used two Dubai-based companies (Luxis International and Magna International) to set up Titan Trust Bank (TTB) as proxies for the acquisition of Union Bank.<\/p>\n<p>The panel, led by Jim Obazee, had in their findings also shown the transactions behind the acquisition of Keystone Bank.<\/p>\n<p>The panel\u2019s report revealed other unapproved activities of the former CBN governor, directors and some government officials.<\/p>\n<p>Meanwhile, on December 24, 2023, the special panel had in a letter summoned Babatunde Lemo, Chairman of TTB over the institution\u2019s acquisition of Union Bank.<\/p>\n<div class=\"code-block code-block-7\" style=\"margin: 8px auto; text-align: center; display: block; clear: both;\">\n<div data-advadstrackid=\"890536\" data-advadstrackbid=\"1\" class=\"infor-target\" id=\"infor-1763034014\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.ghanamma.com\/wp-content\/uploads\/2023\/12\/300x250b.gif\" alt=\"\" width=\"300\" height=\"250\"\/><\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The Central Bank of Nigeria (CBN), on Wednesday, dissolved the boards and managements of Polaris, Union and Keystone Banks. In a statement signed by Hakama Sidi Ali, its acting Director, Corporate Communications, the CBN said the action became necessary due to the non-compliance of the banks and their respective boards with \u201cprovisions of Section 12 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":137731,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[],"class_list":["post-137730","post","type-post","status-publish","format-standard","has-post-thumbnail","category-nigeria-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>CBN Dissolves Boards, Managements Of Union, Keystone, Polaris Bank - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2024\/01\/11\/cbn-dissolves-boards-managements-of-union-keystone-polaris-bank\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CBN Dissolves Boards, Managements Of Union, Keystone, Polaris Bank - Ghanamma.com\" \/>\n<meta property=\"og:description\" content=\"The Central Bank of Nigeria (CBN), on Wednesday, dissolved the boards and managements of Polaris, Union and Keystone Banks. 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