A destroyed refinery By Favour Ifeoluwa & Akinola Ajibade The Nigerian National Petroleum Company Limited( NNPCL) says it has destroyed 134 illegal refineries in the last few weeks. Also, the company said 63 illegal pipeline connections were uncovered during the the weeks . The corporation, In a visual report, stated that at about 2 am on Sunday, a joint team of security agents discovered a large wooden boat illicitly loading stolen crude oil from Barge AGS01 within the OML 18 operating area, noted intelligence report a large wooden wooden boat was caught receiving crude oil from the barge. According to the state-owned oil firm, while the barge was towed away with a tugboat in custody, five speedboats used in towing the large wooden boat to the illegal loading site were also detained and the particulars of the tugboats and barge used for the operation were reportedly seized for further investigation. It further said that two large boats, which involve
By Favour Ifeoluwa & Akinola Ajibade
The Central Bank of Nigeria (CBN) dissolved boards and managements of Union Bank, Polaris Bank, Keystone Bank and Titan Trust Bank, due to their non-compliance to certain provisions of industry laws, the apex bank said this in a statement on its official X microblogging account.
Prior to this period, speculations are rife earlier in Abuja that CBN would wield the hammer against the banks.
According to the CBN, the action was taken 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 licenses were granted, and involvement in activities that pose a threat to financial stability, among others.
The statement reads, “The Central Bank of Nigeria (CBN) has dissolved the boards and the management of Union Bank, Polaris Bank, Keystone Bank and Titan Trust Bank.
The 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.”
Besides the explanations by the CBN, it was learned that the action against the affected banks followed the recommendation of the Special Investigator, Jim Obazee, appointed by President Bola Tinubu in July 2023, to probe the activities of the CBN and other relevant establishments.
The report of the special investigation into the activities of the CBN had accused the immediate past governor of the apex bank, Godwin Emefiele, of acquiring banks for himself through proxies.
The report stated that Emefiele used proxies to acquire Union Bank of Nigeria for Titan Trust Bank Limited and Keystone Bank without any evidence of payment.
As a result, it recommended that the Federal Government reverse the sale of the banks and take them over.
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