By Nudoiba Ojen
The Central Bank of Nigeria (CBN) has dissolved the boards and managements of Union Bank, Keystone Bank and Polaris Bank.
The CBN stated that “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”.
CBN Acting Director, Corporate Communications, Mrs Sidi Ali Hakama, said in a statement on Wednesday that “the banks’ 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”.
She stated that “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”.
