The Central Bank of Nigeria (CBN) has taken a decisive step by dissolving the boards and management of Union Bank, Polaris Bank, and Keystone Bank.
This action, according to a statement signed by Sidi Ali, Hakama (Mrs.), the Acting Director of Corporate Communication at the CBN, was prompted by the non-compliance of these banks and their respective boards with the provisions of Section 12(c), (f), (g), (h) of the 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 statement reads partly.
“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.”
