Posts

Showing posts with the label Polaris

BREAKING: CBN Sacks Boards Of Union, Polaris, Keystone and Titan Trust Banks.

Image
More drama I  Nigeria'd economy and the financial sector under the President Bola Tinubu government since the start of a new year 2024. The President at some agencies have taken some drastic decisions which included the sack of some heads of agencies and suspension of a federal minister. The latest actio n is from the Apex Bank, the Central Bank of Nigeria (CBN), which has sacked the boards of Union Bank, Polaris Bank, Keystone Bank and Titan Trust Bank. The apex bank in a statement signed by its Acting Director of Corporate Communications, Sidi Hakama, said “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.” It added that “the Bank’s infractions vary from regulatory non-compliance, corporate governance failure, disregarding the conditions under which their licenses were g...