FINANCIAL INFRACTURE OR FRAUD IN FINANCIAL SECTOR IS UNBECOMING OF OUR FINANCIAL INSTITUTION. THE BANK HAS EXPLAINED WHY THEY SACKED TOP BANK CEOS OVER THE REPORT OF JIM OBAZE ON THE FINANCIAL AUDIT OF THE CBN AND ITS AFFILIATES UNDER GODWIN EMEFIELE.LETS READ BELOW TO KNOW WHAT CAUSED THE FINANCIAL INFRACTURE.
The Central Bank of Nigeria (CBN) has sacked the boards of Union Bank, Polaris Bank, Keystone Bank, and Titan Trust Bank. the decision was taken in a meeting led by the apex bank’s governor, Yemi Cardoso, on Wednesday in Abuja.
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A close confidant disclose to NISCOMPRESS MEDIAthat the boards of directors and chief executives of the banks were invited to a meeting on Wednesday, January 10 where they were addressed for 30 minutes each by the apex bank’s Deputy Governor in charge of Financial System Stability, Phillip Ikeazor.
Olaniran-Olayinka of keystone bank-sackedkeystone logo.
Three other governors formed the panel that addressed the bank executives. They include the Deputy Governor in charge of Operations, Emem Usoro, the Deputy Governor in charge of Economic Policy, Muhammad Abdullahi, and the Deputy Governor in charge of Corporate Services, Bala Bello.
-Mudassir- of union bank- sackedUNION BANH,HQ LAGOS.
This followed the recent report of the Special Investigator on the Central Bank of Nigeria (CBN) and Related entities, Jim Obazee.
BELOW IS THE STATEMENT ISSUED BY CBN ON THIS EFFECT.
CBN Dissolves the Board and Management of Union Bank, Keystone Bank, and Polaris Bank
The Central Bank of Nigeria (CBN) has dissolved the Board and Management of Union Bank, Keystone Bank, and Polaris Bank.
This action became necessary due to the non-compliance of these banks and their respective boards with the provisions of Section 12(c), (f), (g), (h) of Banks and Other Financial Institutions Act, 2020. The Bank’s infractions vary from regulatory non-compliance, corporate governance failure, disregarding the conditions under which their licenses were granted, and involvement in activities that pose a threat to financial stability, among others.
JIM OBAZEE,THE MAN BEHIND THE SACK IN FINANCE SECTOR
The CBN assures the public of the safety and security of depositors’ funds and remains resolute in fulfilling its mandate to uphold a safe, sound, and robust financial system in Nigeria. Our Banking system remains strong and resilient.
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