CBN sacks boards of Union, Keystone, Polaris Banks


  • Zenith Bank refutes GMD’s arrest by EFCC

The Central Bank of Nigeria has dissolved the Board and Management of Union Bank, Keystone Bank, and Polaris Bank.

This was contained in a statement issued on Wednesday by CBN‘s Ag. Director, Corporate Communications, Mrs Sidi Ali, Hakama.

The apex bank 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.

“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.

“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,” the statement said.

Zenith Bank refutes GMD’s arrest by EFCC

In another development, the board of directors of Zenith Bank Plc has denied the reports of the arrest of its Group Managing Director, Ebenezer Onyeagwu, by the Economic and Financial Crimes Commission over allegation of financial misappropriation in the Federal Ministry of Humanitarian and Poverty Alleviation.

The bank in a notification sent to the Nigerian Exchange Limited on Wednesday described the reports making rounds in the media space as untrue.

The notification titled,” Public statement from Zenith Bank Pl regarding false reports of the Group Managing Director’s the Economic and Financial Crimes Commission (EFCC),” was signed by the Company Secretary General Council, Michael Otu.

It reads, “We have become aware of inaccurate report circulating on social media and certain news outlets alleging that Dr. Ebenezer Onyeagwu, the Group Managing Director/Chief Executive Officer of Zenith Bank Plc, was arrested and held by the EFCC on January 9, 2024, in connection with alleged fraud at the Federal Ministry of Humanitarian Affairs and Poverty Alleviation.

“We wish to clarify that these reports are entirely false. The Group Managing Director was not arrested or detained by the EFCC or any other anti-graft agency and is currently fulfilling his duties at the bank.

“We are to clarify that issuing this public statement to dispel the misinformation and ensure that the public and our stakeholders are accurately informed.

“Zenith Bank remains dedicated to upholding the highest standards of banking and financial services.”