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"Synergy, Commitment Are Key to Global Energy Sustainability, Says Bounour

By Favour Ifeoluwa & Akinola Ajibade  The Chief Executive Officer, Egbin Power Plc, Mr Mohktar Bounour says global transition to cleaner energ and sustainable environment are achievable, as long as there is strong synergy and commitment among stakeholders in the value chain.  He spoke during the maiden edition of  Asharami Square in Lagos. This is an initiative introduced and implemented by the Sahara Group, in order to amplify discourse on energy sustainability through  media advocacy globally. He said: " Having analyzed the percentage of global greenhouse emissions attributed to sectors including electricity/heat production, agriculture/forestry and transportation, we are realised that there is need for synergy  and renewed commitment among stakeholders". According to him, Egbin Power has unwavering commitment to reduce carbon emissions and promotes sustainable energy sources, stressing that the need to depeening engagement and advocacy among stakeholders in
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Why CBN Dissolves Boards 0f Union, Polaris, Other Banks


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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