Updated: CBN Dissolves  Boards of Union, Keystone, Polaris Banks

James Emejo in Abuja

The Central Bank of Nigeria (CBN) Wednesday sacked 

the boards of Union, Keystone and Polaris Banks.

THISDAY gathered that the Boards of Directors and Chief executives of the respective banks were invited to a meeting that started at about 1pm on Wednesday where they were addressed for 30 minutes each by the apex bank’s Deputy Governor Financial System Stability, Phillip Ikeazor, alongside three other Deputy Governors, Emem Usoro, Muhammad Dattijo and Bala Bello.

The dissolution of the boards may not be unconnected with implementation of the Jim Obazee report which earlier made recommendations to President Bola Tinubu, who had ordered the probe of the apex bank and related institutions upon his assumption of office. 

It was further learnt that at the meeting, the CBN listed issues of non-compliance and other infractions committed by the affected banks before sacking the boards.

It is expected that new boards will be anniunced soon for the four banks.

A source at the apex bank said the bank will issue a statement to this effect.

Details later…