The Central Bank of Nigeria (CBN) on Wednesday dissolved the Board and Management of Union Bank, Keystone Bank, and Polaris Bank.
The apex bank disclosed this in a statement signed by its Sidi Ali, Hakama (Mrs.), Ag. Director, Corporate Communications, that 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 statement added that “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.”
CBN however assured 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.
