Top Finance Officials Fired as CBN Dismisses the Boards of Union, Keystone, and Polaris Banks

The Central Bank of Nigeria has terminated the appointments of the board of Polaris, Titan, Union, and Keystone Banks. 

According to Punch, sources closer to the CBN had hinted that the resolution to dissolve the board of directors was made during a meeting chaired by the CBN governor, Yemi Cardoso, in Abuja on Wednesday. The insider indicated that an official announcement about the board dissolution will be issued soon.

This decision by the CBN comes in response to President Bola Tinubu's appointment of Special Investigator Jim Obazee in July 2023 to examine the operations of the CBN and other pertinent institutions, based on his recommendations.

After a thorough investigation, the special inquiry into the operations of the Central Bank of Nigeria revealed that the former governor, Godwin Emefiele, was alleged to have procured banks for personal gain using intermediaries. 

Emefiele had reportedly utilized proxies to acquire Union Bank of Nigeria for Titan Trust Bank Limited and Keystone Bank, with no supporting evidence of payment, as indicated in the report.

True to the insider's words, the Central Bank of Nigeria (CBN) released a statement on Wednesday night stating that it had dissolved the board and management of Union Bank, Polaris Bank, and Keystone 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,” the press statement confirmed. 

The names of affected individuals include: 

Union Bank

• Farouk Gumel. Board Chairman

• Mudassir Amray, managing director/Chief executive officer (MD/CEO)

• Aisha Abubakar, non-executive director.

• Andrew Ojei, non-executive director.

• Abubakar Mohammed, non-executive director.

• Mackombo Omoile

Keystone

• Umaru H. Modibbo, chairman

• Titilayo Tairat Adebiyi, non-executive director

• B.B.Dan-Jabu, non-executive director

• Dahiru Chadi, independent non-executive director

• Lawal Jibrin Ahmed, executive director, North & public sector

• Gemi Aribaloye, executive director, Group risk management

Polaris Bank

• MK Ahmad, Chairman

• Abubakar Danlami Suleiman, Non-executive director

• Salma Mohammed, non-executive director

• Adeleke Alex Adedipe, non-executive director

• Ahmed Almustapha, non-executive director

• Francesco Cuzzocrea, non-executive director

The Central Bank of Nigeria (CBN) specified that the banks' offenses included failure to comply with regulations, lapses in corporate governance, neglect of the conditions under which their licenses were issued, and engagement in activities jeopardizing financial stability, among other violations.

The CBN, in its press release, has however assured depositors that their funds are safe with their respective banks and remains resolute in providing a safe and sound financial system to the country. 

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