The Central Bank of Nigeria (CBN) on Wednesday dissolved the Board and Management of Union Bank, Keystone Bank, and Polaris Bank.
The dissolution of the boards is contained in a statement issued by Mrs Sidi Ali, Hakama, Ag. Director, Corporate Communications of CBN.
According to the 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 assured the public of the safety and security of depositors’ funds, saying the apex bank remained resolute in fulfilling its mandate to uphold a safe, sound, and robust financial system in Nigeria.
“Our Banking system remains strong and resilient,” it said.
