CBN has sacked an entire Board of Four Nigerian Banks.
NewsOnline Nigeria reports that the Central Bank of Nigeria (CBN) has sacked Keystone, Titan, Polaris, and Union Bank board members over non-compliance and financial infarctions by the institutions.
The decision was made by a CBN panel comprising Phillip Ikeazor, the deputy governor in charge of financial system stability; Emem Usoro, the deputy governor in charge of operations; Muhammad Abdullahi, the deputy governor in charge of economic policy; and Bala Bello, the deputy governor in charge of corporate services.
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NewsOnline Nigeria recalls that the CBN had earlier invited the members of these boards to a meeting where Ikeazor addressed them on behalf of the panel and the apex bank.
After minutes of address, the panel formally dismissed the boards. The panel pointed out issues of financial and regulatory violations and non-compliance by these financial institutions.
More to follow…
