The Central Bank of Nigeria (CBN) has dissolved the Board and Management of Union Bank, Keystone Bank, and Polaris Bank.
Hakama Sidi Ali, Acting Director, Corporate Communications at the bank in a statement said the action became necessary due to the non-compliance of the affected 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 she added 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.
Sidi Ali expressed the assurance of the apex regulator of the safety and security of depositors’ funds, adding that it remains resolute in fulfilling its mandate to uphold a safe, sound, and robust financial system in Nigeria.
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