The Gowdwin Emefiele wind, blowing across the financial sector and other sectors of the economy has blown away the boards and management of three banks believed to have been bought into substantially by the sacked CBN governor.

President Tinubu’s special investigator of the Emefiele years at the CBN, Mr. Obazee had earlier alleged in a report that Mr. Emefiele may have used slush money and proxies to acquire two of those banks; the Union Bank and Keystone bank. Polaris bank was also alleged to have been sold at a discount to its new owners under Emefiele’s leadership at the Apex Bank.

Already, the probe of the Emefiele years has been extended to some 52 companies whose forex trading with the CBN over the last ten years are being looked into for different infractions.

In a statement announcing the dissolution of the boards on Wednesday, Sidi Ali, Hakama (Mrs.) Ag. Director, Corporate Communications of the CBN said “The Central Bank of Nigeria (CBN) has dissolved the Board and Management 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 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”.

Unlike previous similar exercises, the CBN did not immediately name interim boards and management for the affected banks. Analysts have suggested that there could be a run on the deposits of the banks in the next few days and weeks, if the transition is not well managed.