The Central Bank of Nigeria (CBN) has appointed new executives to oversee the affairs of Union, Keystone, and Polaris Banks.
This followed the dissolution of the board and management of the banks by the apex bank.
In a statement, CBN’s Acting Director of Corporate Communications, Mrs. Hakama Sidi-Ali, stated that Olayemi Cardoso, governor of the CBN, approved the new executives to oversee the affairs of the three banks.
“The appointments take immediate effect,” Sidi-Ali said.
She said the decision to dissolve the board and management of the three banks and appoint new ones came after the special investigator panel probing the CBN turned in its report.
Sidi-Ali added that the non-compliance of the three banks and their respective boards with the provisions of the Banks and Other Financial Institutions Act, 2020 prompted the dissolution.
She said that the banks’ infractions varied from regulatory non-compliance, corporate governance failure, and disregarding the conditions under which their licenses were granted.
She said that the management of the affected banks also got involved in activities that posed a threat to financial stability.
In its report to President Bola Tinubu, the panel led by Jim Obazee recommended the forfeiture of the affected banks to the Federal Government.