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CBN’s Hammer Falls on Union, Polaris, Keystone Banks, Boards Dissolved

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The Central Bank of Nigeria has dissolved the boards and managements of Union Bank of Nigeria, Keystone Bank and Polaris Bank over alleged corporate governance infractions and non-compliance with regulatory requirements.

This came barely three weeks after the Special Investigator on the CBN and Related Entities, Jim Obazee, submitted its final report to President Bola Tinubu.

The sacking of the boards of the banks is reportedly part of the implementation of the report of the special investigator.

In a statement by the acting Director, Corporate Communications, CBN, Sidi Hakama, announcing the sacking of the boards of the banks on Wednesday, the central bank said the affected banks’ alleged infractions varied from regulatory non-compliance, corporate governance failure, disregarding of the conditions under which their licences were granted, and involvement in activities that posed a threat to financial stability, among others.

Hence, the apex bank said the dissolution of the boards became necessary due to the non-compliance of the banks and their respective boards with the provisions of the Bank and Other Financial Institutions Act, 2020.

The CBN statement read, “The Central Bank of Nigeria has dissolved the boards and managements of Union Bank, Keystone Bank, and Polaris Bank.

“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 banks’ infractions vary from regulatory non-compliance, corporate governance failure, disregarding the conditions under which their licences were granted, and involvement in activities that pose a threat to financial stability, among others.”

The CBN, however, assured the public of the safety and security of depositors’ funds, stressing that it remained resolute in fulfilling its mandate to uphold a safe, sound and robust financial system in Nigeria.

“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,” it stated.

The dissolution of the boards came days after the Special Investigator of the apex bank, Obazee, claimed that the bank were acquired by Emefiele, using fronts. Obazee advised FG to take over the banks, strengthen and sell them off.

Section 12 of the BOFIA 2020 quoted by the apex bank as the basis for the dissolutions of the board deals with the revocation of a banking licence and the conditions under which it can happen.

The affected portion of the Act read, “12.(1) Notwithstanding the provisions of this Act or any other law, the Governor may, with the approval of the Board and by notice published in the of Federal Government Gazette, or print and electronic media, revoke any licence granted under this Act if a bank-

“(c) fails to fulfil or comply with any condition subject to which the licence was granted

“(f) is involved in a situation, circumstance, action or inaction which constitutes a threat to financial stability;

“(g) fails to comply with any obligation imposed upon it by or under this Act, or the Central Bank of Nigeria Act or any other rule, regulation, guideline or directive made hereunder;

“(h) is, in the opinion of the Bank critically undercapitalised with a capital adequacy ratio below the prudential minimum or such other ratio as the Bank may prescribe.”

Meanwhile, the CBN statement is silent on Titan Trust Bank, even though the bank has reportedly acquired Union Bank.

The special investigator had given Titan Trust Bank and Union Bank investors December 28, 2023 deadline to present themselves before its panel.

However, the lender through their lawyer, Gbolahan Elias QC, SAN, had asked for extension of the meeting to January 7, 2024.

Meanwhile, findings by The PUNCH show that no fewer than 30 board chairmen, managing directors and directors of banks will be affected by the dissolution of the boards. Each of the three banks reportedly have no fewer than 10 board members.

CBN sources also revealed that the apex bank would reconstitute another board before the end of the week.

According to findings, the dissolution is expected to affect Alhaji MK Ahmad, who is the chairman of Polaris Bank; Alhaji Umaru Modibbo, the chairman of Keystone Bank; and the Farouk Gumel, the Chairman of Union Bank.

Titan Trust Bank Limited was established on the 12th of December, 2018 and obtained its national banking license on the 26th of April 2019, to operate as a commercial bank with national authorisation.

Polaris Bank was set by the CBN on September 21, 2018, to offer commercial banking services to the Nigerian public. The bank commenced services on the same day, having purchased the assets, and assumed certain of the liabilities, of the defunct Skye Bank.

Keystone Bank is a full-service commercial bank wholly owned by the Asset Management Corporation of Nigeria and was granted a banking licence on August 5, 2011, by the CBN. Keystone Bank was acquired by a special-purpose vehicle.

Union Bank of Nigeria was established in 1917 and is one of Nigeria’s long-standing and most respected financial institutions, offering a portfolio of banking services to individuals, SMEs, commercial and corporate clients.

Meanwhile, Titan Trust Bank Limited which was established barely three years ago, announced in 2022 its acquisition of the foremost bank.

The bank sought CBN’s no-objection approval in 2021 to its proposed consolidation with Union Bank by acquiring 91.5 per cent of Union Bank’s shares and an eventual merger between both banks.

By 2022, Titan Bank had acquired 93.4 per cent of Union Bank’s shares.

However, there have been concerns in the banking circle whether the government could take over Union Bank which has been duly acquired by private investors led by the TGI Group.

The Punch

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AD Consulting, Ecobank Partner to Host Art and Architecture Icons in “The Convergence”

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Nigeria’s leading voices in art and architecture will converge in Lagos as AD Consulting partners Ecobank Nigeria to present The Convergence: The Iconic Architect & the Icons of Art, a landmark cultural experience celebrating Nigeria’s creative excellence, heritage and legacy.
Scheduled to run from October 1 to 7, 2026, at the Ecobank Pan African Centre (EPAC), Ozumba Mbadiwe Avenue, Victoria Island, Lagos, the event will bring together internationally acclaimed architect Olajumoke Adenowo, Founder of AD Consulting, and some of Nigeria’s most distinguished visual artists for an immersive exploration of the relationship between architecture, art and African heritage.

Among the artists whose works will feature are Abiodun Olaku, Bunmi Babatunde, Kehinde Adewuyi, Tayo Quaye, Mufu Onifade, Alex Nwokolo, Fidelis Odogwu, Kassi Nathalie, Dotun Popoola, Steve Ekpenisi, Collins Abinoro and Joshua Nmesirionye among others.

Speaking on the concept behind The Convergence, Olajumoke Adenowo, Founder, AD Consulting, said: “Architecture and art are two of the most enduring expressions of who we are as a people. They tell our stories, preserve our heritage and give form to the values we want to pass on to future generations. The Convergence brings these two powerful voices together to celebrate Nigeria’s extraordinary creative heritage while creating a space for new conversations about identity, beauty, ownership and legacy.”

She added: “This is not simply an exhibition. It is an intentional meeting of architecture, art and people who understand that some of the most valuable things we can leave behind are not merely possessions, but ideas, culture and a sense of who we are. Through NeoHeritage, The Convergence creates a contemporary expression of our heritage while looking confidently towards the future.”

Also speaking, Austen Osokpor, Head, Marketing & Corporate Communications, Ecobank Nigeria, said the partnership represents an opportunity to support African creative excellence while creating a platform where culture, creativity, private wealth and enterprise intersect.

According to Osokpor, “Africa’s wealth is not defined by financial capital alone. Our culture, creativity, intellectual capital and heritage are equally important assets that must be preserved, celebrated and passed on to future generations. The Convergence gives us an opportunity to support this broader definition of African wealth by bringing together exceptional artists, architects, collectors and cultural patrons in one powerful experience.”

He added: “For Ecobank, this is more than an event. It is about creating meaningful platforms that connect people, ideas and opportunities, while reinforcing our commitment to African excellence. We are delighted to partner with AD Consulting and Olajumoke Adenowo on an initiative that places Nigerian creativity firmly within the wider African and global cultural conversation.”

Unlike a conventional exhibition or art fair, The Convergence has been conceived as a platform for dialogue, exploring how art and architecture shape identity, preserve cultural memory and create enduring legacies.

At its heart is Adenowo’s Neo Heritage philosophy, which connects Africa’s rich cultural inheritance with contemporary creative expression.

The experience is built around three design pillars: Light, Zeitgeist and The 4th Dimension.

The Convergence will open on October 1 with an exclusive Collectors & Patrons evening curated for invited collectors, patrons, high-net-worth individuals and distinguished guests.

The opening will provide an intimate opportunity to experience the exhibition, engage with participating artists and explore the works within a setting centred on art, architecture, ownership, cultural stewardship and legacy.

The programme will include curated viewing opportunities, conversations with artists and creative leaders, and experiences designed to foster meaningful connections among collectors, patrons, architects and cultural leaders.

The wider exhibition will continue from October 2 to 7, giving a broader audience the opportunity to experience the works and engage with the ideas underpinning The Convergence.

The programme will also feature a Patron’s Preview, Founders’ Cocktail featuring an Architecture Salon by AD Consulting, and a Collectors’ Circle, offering opportunities for private viewings and deeper engagement with the artists and their work.

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Zenith Bank Opens Digital, Branch Channels for Dangote Refinery Share Subscription

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Nigerians at home and in the Diaspora seeking to participate in the landmark Initial Public Offering (IPO) of Dangote Petroleum Refinery and Petrochemicals can subscribe conveniently through Zenith Bank, a receiving bank for the historic transaction and a designated electronic application channel for the offer. Subscription is open through the Zenith Bank website, the Zenith mobile app, internet banking, USSD, corporate internet banking and any Zenith Bank branch nationwide.

Across all of these channels, anchored by Zenith Bank’s network of 456 branches and 84 cash centres, investors enjoy a secure, fast and reliable route into the offer from anywhere in the world, at any hour. Whether the application begins on a phone in London, a laptop in Houston or across the counter of a Zenith banking hall in Lokoja, the path to ownership opens with a few taps and carries the investor smoothly through to completion.

Every subscription is linked to the investor’s Bank Verification Number, a seal of identity and security that accompanies each application from submission to allotment.

It is service the Zenith way: first-time and seasoned investors alike enjoy a straightforward and fully protected process, and the quiet confidence that their stake in history is processed through Zenith Bank.

Applications open on Monday, 14 September 2026 and run for 30 days, closing on Tuesday, 13 October 2026. According to the prospectus, the shares are offered at ₦525 each, with a minimum subscription of 10 shares, or ₦5,250. The offer seeks to raise ₦2.15 trillion, the largest equity offering ever undertaken on the African continent, and the prospectus further provides that retail investors who subscribe and hold their shares may qualify for bonus shares under the Retail Investor Incentive Programme, subject to regulatory approvals.

Zenith Bank stands ready to make participation effortless for investors who choose to take part. Nigeria’s largest bank by Tier-1 capital and the country’s most profitable bank, Zenith has built its reputation on combining scale with innovation, and that strength is now at the service of every investor in this offer. This is proven ground for the bank: Zenith Bank’s own most recent public offering was executed mainly through digital channels, a demonstration of digital readiness built on the bank’s robust digital infrastructure. That infrastructure has since been strengthened further through a comprehensive technological overhaul, positioning Zenith to serve its retail customers with the same excellence long enjoyed by its corporate clients, precisely the capability an offer of this scale demands.

Within the wider transaction, Quantum Zenith Capital & Investments Limited serves among the joint issuing houses, while Zenith Bank itself provides the secure and dependable channels through which applications are received and processed. Having successfully taken its own landmark offer to the market through digital channels, Zenith brings that same tested infrastructure and experience to the largest equity offering in African history. It is the same combination of financial strength, digital excellence and customer devotion that has earned Zenith Bank recognition year after year as one of Africa’s foremost financial institutions, trusted by millions of customers and by the corporates and governments behind the continent’s biggest transactions.

For over three decades, Zenith Bank has been the trusted gateway to Nigeria’s defining financial moments, and its channels are open for this one. Investors who wish to participate can fund their Zenith Bank account and subscribe through any of the bank’s platforms before the offer closes on 13 October 2026.

Please note that the details of the offer are provided in the prospectus and guided by extant regulations. Zenith Bank serves as a Receiving Bank and electronic application channel for this offer. Investors are advised to carefully read the Prospectus and, where appropriate, seek independent professional advice before making any investment decision.

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Ecobank Urges Young Nigerian Creatives to Seize ₦20m InnovateX 2026 Opportunity

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Ecobank Nigeria has called on young Nigerians, particularly students, innovators, entrepreneurs, and creatives aged 16 to 25, to take advantage of the ongoing registration for InnovateX 2026, the Bank’s flagship youth innovation challenge offering ₦20 million in prizes, mentorship, business development support, and access to industry experts.

Powered by Blaze by Ecobank in partnership with Verve, InnovateX 2026 is designed to identify and support the next generation of innovators and creators developing solutions across inclusive finance, as well as the creative economy.

Beyond the financial support, participants will benefit from an intensive innovation journey featuring hybrid bootcamps, expert-led workshops, mentorship sessions, networking opportunities, and a grand finale pitch competition where finalists will showcase their ideas before a panel of industry leaders and investors.

The competition is open to young Nigerians working on innovative projects in technology, engineering, science, product design, content creation, digital media, entertainment, fashion, and other creative disciplines.

Encouraging young Nigerians to register, Victor Yalokwu, Head, Products & Analytics, Ecobank Nigeria, said: “Nigeria is blessed with an abundance of young talent, creativity, and entrepreneurial energy. Through InnovateX, we are providing a platform for young people to transform bold ideas into impactful solutions and sustainable businesses. We encourage students, innovators, tech enthusiasts, creators, and entrepreneurs across the country to seize this opportunity and take their ambitions to the next level.”

He added: “The future belongs to young people who are willing to innovate, solve problems, and create value. InnovateX is designed to equip participants with the knowledge, mentorship, exposure, and resources they need to succeed in today’s highly competitive and technology-driven world.”

Yalokwu further explained that InnovateX is not just about rewarding great ideas, but also about building confidence, nurturing talent, and connecting young people to opportunities that can help them grow personally and professionally. “Whether you are developing a tech solution, building a creative brand, or working on an innovation that can improve lives, InnovateX provides a valuable platform to showcase your potential and accelerate your journey towards success,” he said.

As part of its commitment to youth empowerment, Ecobank continues to provide innovative banking solutions through the Blaze Account, a youth-focused offering that gives customers access to exclusive opportunities, a uniquely designed debit card, free monthly transfers, and participation in initiatives such as InnovateX.

Young Nigerians interested in participating are encouraged to submit their applications through www.innovatex.africa before the registration deadline.

With ₦20 million up for grabs and a unique opportunity to gain mentorship, skills, exposure, and industry recognition, InnovateX 2026 is poised to become one of Nigeria’s most impactful youth innovation and entrepreneurship programmes.

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