CBN appoints new team of directorial executives for keystone Bank, Union Bank, Keystone Bank and Polaris Bank

The Central Bank of Nigeria, CBN,  Said it has appointed  new executives for keystone Bank, Union Bank, and Polaris Bank. CBN appoints

CBN made this announcement on its X official handle Thursday, while the release date of the document bears Wednesday 10 January, 2024.

This decision, however, came after it had earlier sacked all the Board of Directors in charge of Union Bank, Polaris and Keystone Banks as was revealed in its first issued statement on Wednesday night. CBN appoints 

CBN in its published statement Wednesday said the banks were faulted for non-compliance with its established banking regulatory guides, which resulted in the simultaneous layoffs of the selected banks’ Directors  by the National 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), th) of Banks and Other Financial institutions Act, 2020,” said Sidi Hakama, the CBN new spokesperson, in a press statement.

The action also is expected to have followed the recommendation of the Special Investigator, Jim Obazee, appointed by President Bola Tinubu in July 2023, reported Premium Times.

Recall that we had reported about Mr Obazee’s appointment by President Bola Tinubu to investigate the activities of the Central Bank of Nigeria, its past governors and executives.

Previously, Mr Obazee, in a submitted report to the president Bola on 20 December, claimed that Emefiele, the former governor of Central Bank of Nigeria (CBN), had used “National funds” to establish Titan Trust Bank, using it to secure deals for the acquisition of Keystone Bank and Union Bank by proxy.

But with the rising pressure coming to Emefiele from the government and the public with respect to his ongoing court trials for accountability over alleged charges of corruption, Tropical General investment Group, TGI, said the $500 million capital used in the payment for the ownership transfer and acquisition of Union Bank was transparent and unimpeachable; also noting that due process was observed during the business acquisition. CBN appoints

“The entire transaction was managed by highly reputed global financial institutions including Rothschild and Citibank.

“A USD 300 million loan was sourced from African Export-Import Bank (Afrexim) and the rest of the capital was sourced from the proceeds of TGI’s sales of its Chi Ltd business to Coca-Cola, all to finance the acquisition of Union Bank,” it said. CBN appoints

Note: This report is being updated