{"id":13956,"date":"2024-01-10T22:03:52","date_gmt":"2024-01-10T22:03:52","guid":{"rendered":"https:\/\/abujacityjournal.com\/livenews\/?p=13956"},"modified":"2024-01-10T22:03:52","modified_gmt":"2024-01-10T22:03:52","slug":"cbn-dissolves-board-and-management-of-union-bank-keystone-bank-polaris-bank","status":"publish","type":"post","link":"https:\/\/abujacityjournal.com\/livenews\/2024\/01\/10\/cbn-dissolves-board-and-management-of-union-bank-keystone-bank-polaris-bank\/","title":{"rendered":"CBN Dissolves Board and Management of Union Bank, Keystone Bank, Polaris Bank"},"content":{"rendered":"
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The Central Bank of Nigeria (CBN) has officially dissolved the Board and Management of Union Bank, Keystone Bank, and Polaris Bank. This action, as announced in a press release dated January 10, 2024, stems from the banks’ blatant non-compliance with critical regulatory provisions.<\/div>\n

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The implicated provisions, specifically Section 12(c), (f), (g), (h) of the Banks and Other Financial Institutions Act, 2020, encompass a spectrum of regulatory and governance expectations. The CBN, citing various concerns, including regulatory non-compliance, failures in corporate governance, and involvement in activities threatening financial stability, deemed it necessary to take this extraordinary step.<\/p>\n

Mrs. Sidi Ali, Hakama, the Acting Director of Corporate Communications at the CBN, emphasized the gravity of the banks’ infractions. These range from regulatory non-compliance to corporate governance failure, disregarding the conditions under which their licenses were granted, and engagement in activities that posed a substantial threat to financial stability.<\/p>\n

The CBN, with its mandate to ensure a safe, sound, and resilient banking environment, reassured the public that the safety and security of depositor funds remain a top priority. Mrs. Sidi Ali, Hakama, stressed the Bank’s commitment to upholding and protecting the financial system within the country.<\/p>\n

This development follows a recent investigation involving Titan Trust Bank (TTB) and Union Bank of Nigeria Plc (UBN), where allegations of impropriety were directed towards a former CBN Governor, Godwin Emefiele. Titan Trust Bank denied any wrongdoing.<\/p>\n

Polaris Bank also faced controversy in 2022 when claims surfaced about a higher purchase offer during the bank’s sale compared to the one accepted by the central bank. The CBN, however, refuted these claims, asserting that the divestment from Polaris Bank was supervised by a Divestment Committee, comprising senior representatives of AMCON & CBN, and supported by reputable legal and financial advisers.<\/p>\n

In the broader context, the current CBN leadership under Yemi Cardoso has been actively investigating alleged wrongdoings during the tenure of the former CBN Governor, Godwin Emefiele. The dissolution of the boards and management of Union Bank, Keystone Bank, and Polaris Bank adds another chapter to the ongoing scrutiny of the country’s financial institutions<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

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The Central Bank of Nigeria (CBN) has officially dissolved the Board and Management of Union Bank, Keystone Bank, and Polaris Bank. This action, as announced in a press release dated January 10, 2024, stems from the banks’ blatant non-compliance with critical regulatory provisions. The implicated provisions, specifically Section 12(c), (f), (g), (h) of the Banks […]<\/p>\n","protected":false},"author":13,"featured_media":13960,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[173,172],"tags":[],"class_list":["post-13956","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-news"],"aioseo_notices":[],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/13956","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/comments?post=13956"}],"version-history":[{"count":1,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/13956\/revisions"}],"predecessor-version":[{"id":13961,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/13956\/revisions\/13961"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media\/13960"}],"wp:attachment":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media?parent=13956"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/categories?post=13956"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/tags?post=13956"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}