Are Our Money Safe? Nigerians React As CBN Sacks Boards of Union, Keystone, Polaris Banks

• Three Nigerian banks have been hit by a major blow following the CBN's recent move handed down by its special investigator, Jim Obazee, appointed in 2023 by President Tinubu
• Union Bank, Keystone Bank, and Polaris Banks face the music as CBN takes stringent action over the non-compliance of banks to its directives
• CBN confirmed the development in a statement issued on Wednesday, via its official website

Legit.ng journalist Esther Odili has over two years of experience covering political parties and movements

FCT, Abuja - The Central Bank of Nigeria (CBN) on Wednesday, January 10, dissolved the board and management of Union, Keystone and Polaris Banks.

CBN made this known in a statement signed by its Ag. director of corporate communications, Mrs. Sidi Ali Hakama.

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In the statement shared on its website, X page (formerly Twitter), CBN noted that the action became necessary due to 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.

Nigerians react as CBN dissolves board of Union, Keystone and Polaris banks

The action of the CBN has got many talking on social media, especially on X. Legit.ng however captured some of their opinions below:

@lappoosky tweeted:

"Make nothing do my 1500 for Polaris oooo, first thing tomorrow na to disappear enter there."

@MusaAbdulhammid tweeted:

"Are our money safe ??????

@gustaiiv tweeted:

"Hope nothing go do my #2,500 wey Dey my akant?

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@alhajiburtee tweted:

@_neenoe, my condolences, my condolences."

@rewamiri tweeted:

"The three banks up for sale. definitely one of the the big 4 will buy. highest bidder wins."

@dammygtnet tweeted:

"Polaris bank again, make nothing my 1k ooooo."

Court orders Tinubu to pay N100m to Emefiele

Earlier, Legit.ng reported that President Bola Tinubu-led federal government has been ordered to pay the sum of N100 million to the embattled former governor of the CBN, Godwin Emefiele, by a federal high court in the Maitama area of the Federal Capital Territory (FCT).

According to TVC, the award was slammed against Tinubu's government over the violation of Emefiele's right to personal liberty by the Economic and Financial Crimes Commission (EFCC) and the Department of State Service (DSS).

Over 283k Lagos residents to receive N25k each from Tinubu's govt

In another development, Legit.ng reported earlier that no fewer than 283,003 households in Lagos state are to benefit from the Renewed Hope Conditional Cash Transfer (CCT) Programme.

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More than N30 billion will be transferred to residents across the 20 Local Government Areas and 37 Local Council Development Areas (LCDAs) in the state in the next six months.

This was disclosed during the Renewed Hope Enrollment Training for 186 Cash Transfer Facilitators in the state.

FG disqualifies Nigerians without NIN, BVN from cash transfer

Meanwhile, Legit.ng reported earlier that the Nigerian government reviewed and expanded the National Social Register to accommodate pensioners and veterans under the Conditional Cash Transfer programme.

It also removed those who have left the poverty line and dead beneficiaries from the register.

However, the federal government would only disqualify those without the National Identification Numbers (NINs) and Bank Verification Numbers (BVNs).

Source: Legit.ng