The Central Bank of Nigeria (CBN) has sacked the boards of Union Bank, Polaris Bank, and Keystone Bank.

The boards of directors and chief executives of the banks were invited to a meeting yesterday where they were addressed for 30 minutes each by the apex bank’s Deputy Governor in charge of Financial System Stability, PHILLIP IKEAZOR.

Three other governors formed the panel that addressed the bank executives. They include the Deputy Governor in charge of Operations, EMEM USORO, the Deputy Governor in charge of Economic Policy, MUHAMMAD ABDULLAHI, and the Deputy Governor in charge of Corporate Services, BALA BELLO.

The panel reeled out issues of non-compliance and other infractions committed by the affected banks and then formally sacked the boards.

This followed the recent report of the Special Investigator on the CBN and Related entities, JIM OBAZEE.