Another Bank's MD, Boards Suspended Days After CBN's Action on Polaris, Titan, Union, Keystone Banks

• The governor of Gombe state has suspended the managing director of Bubayero Microfinance Bank
• This followed an investigation and a forensic audit of the bank and a CBN audit of its financial activities
• The development comes just days after the CBN dissolved the entire board of directors of Polaris, Titan, Union, and Keystone banks

Legit.ng journalist Zainab Iwayemi has over three years of experience covering the Economy, Technology, and Capital Market.

Inuwa Yahaya, the governor of Gombe state, has suspended the managing director of the Bubayero Microfinance Bank and dissolved its board of directors.

According to a Punch, this was disclosed by Ibrahim Abubakar Njodi, the secretary to the state government, in a statement.

The Bubayero Micro Finance Bank is jointly owned by the state and local governments in Gombe state.

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Decision follows CBN's investigation

Njodi explained that a forensic audit of financial activities at the bank and the audit report of the Central Bank of Nigeria (CBN) triggered the decision.

He said:

“The MD/CEO is to hand over responsibilities to the most senior bank official, while all suspended board members and management are instructed to promptly hand over all official assets in their possession."

“An interim management headed by the executive director, financial control and operations has been established, and is to report to the permanent secretary, ministry of finance and economic development for further directives,”

According to the secretary to the government, the directive will take effect immediately.

He said the decision will ensure transparency and accountability while safeguarding the institution’s integrity and maintaining public trust in the system.

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Recently, the entire board of directors of Polaris, Titan, Union, and Keystone banks were fired by the CBN.

In a related development, Legit.ng reported that the CBN appointed new executive directors to oversee the affairs of Polaris Bank, Union Bank, and Keystone Banks over the infringements of financial laws.

Nigerian bank assures customers over CBN's sack

Legit.ng earlier reported that Keystone Bank Limited reassured its customers of the uninterrupted and smooth operation of its services as new management takes over.

The assurance followed the dissolution of the board and management by the CBN and the appointment of Hassan Imam as the new managing director/chief operating officer.

In a statement made available to Legit.ng and signed by the company's secretary, the lender noted that it would continue to operate and serve its numerous customers within the guidelines of the CBN.

Source: Legit.ng