The Central Bank of Nigeria (CBN) has dissolved the Boards and Management of Union Bank, Keystone Bank, and Polaris Bank.
Hakama Sidi-Ali, Acting Director, Corporate Communications Department of the CBN, disclosed this in a Statement on Wednesday in Abuja.
According to Sidi-Ali, this action became necessary due to the non-compliance of the three Banks and
their respective Boards with the Provisions of Banks and Other Financial Institutions Act, 2020.
She said that the Banks’ infractions varied from Regulatory non-compliance, Corporate Governance failure, and disregarding the conditions under which their Licenses were granted.
She said that the Managements of the affected Banks also got involved in activities that posed a threat to Financial Stability.
“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,” she said.
Credit NAN: Texts excluding Headlines
