CBN sacks boards of Union Bank, Keystone Bank and Polaris Bank - ITREALMS

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The Central Bank of Nigeria (CBN) has dissolved the Board and Management of Union Bank, Keystone Bank, and Polaris Bank with immediate effect, reports ITREALMS.

This action, according to the acting Director, Corporate Communications at CBN, Sidi Ali Hakama (Mrs) has 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.

Union Bank, JAN partner for 300 girls - ITREALMS

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As part of Junior Achievement Nigeria’s vision of inspiring and preparing the youth to succeed in a global economy and in alignment with Union Bank’s corporate sustainability impact strategy, the Bank in partnership with Junior Achievement Nigeria is set to implement the annual Leadership, Empowerment, Achievement and Development (LEAD) Camp for girls.

The LEAD Camp which kicks off July 25th, 2022 is a week-long programme designed to empower young girls to be high-achieving leaders in line with the United Nations Sustainable Development Goal – Gender Equality.

Exonerated: Akande, Okoloko not party to Union Bank share scam -Tribunal

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The duo of Onikepo Akande and Onajite Okoloko have been exonerated from the alleged shares scam perpetrated on behalf of Union Bank against its investors by the Investments and Securities Tribunal (IST), sitting in Abuja, reports ITRealms.

The Securities and Exchange Commission (SEC), ITRealms gathered, had dragged Union Bank and 21 other individuals comprising the Directors and Company Secretary who had served on the Board of the Bank between 2007 and 2008 before the Investments and Securities Tribunal.

ITRealms reports that the aggrieved Applicant, SEC had informed the Tribunal, that the 21 respondents engaged and/or participated in a scheme and or artifice that enabled Union Bank of Nigeria Plc to either directly or indirectly fund the purchase of its Shares and thereby retaining the beneficial ownership of the shares, and as a consequence, (i) violated or contributed to the violation of the provisions of the Investments and Securities Act and the rules and regulations made thereunder, (ii) undermined the fair and orderly conduct of the securities market, and (iii) abused, breached and undermined the integrity of the securities market;

SEC further informed that the Respondents unlawfully employed, (in connection with the purchase or sale of the securities of Union Bank of Nigeria, Plc) a device, scheme or artifice for the purpose of creating a false and misleading appearance of active trading of Union Bank securities and/or shares, which devise, scheme or artifice so employed by the Respondents herein, violated the provisions of the Investments and Securities Act and the rules and regulations made there under.

SEC further claimed that the Respondents undermined the regulatory and supervisory authority/activities of the Applicant, by ordering the appointment of KPMG Professional Services or any other reputable firm of accountants acceptable to the Tribunal for the purpose of undertaking an inquiry/investigation to determine (i) the extent and quantum of the losses suffered by investors in the securities market as a result of the unlawful activities of the Respondents outlined in this suit and (ii) the nature, extent and quantum of any direct benefit or advantage received or receivable by the Respondents as a result of the Respondents’ aforesaid unlawful activities.

But, in its decision, the Tribunal of Six (6) headed by Nnenna A. Orji ruled that the names of Onikepo Akande and Onajite Okoloko who had been originally sued as 19th and 20^th Respondents respectively, be struck out on the grounds that they were not yet Directors when the alleged infractions took place.

In the Suit listed as CASE NO. IST/LA/OA/20/2010, the Tribunal noted that the processes were amended to include both Onikepo Akande and Onajite Okoloko, who were appointed only after the infractions had taken place.

It would be recalled that some Directors of Union bank were involved in a share scam involving the purchase of Union Bank shares for itself to mislead the Public, using funds borrowed from two foreign financial houses totaling over N30bn between 2007 and 2008.

Uboshe Uboshe/GEE

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