The Central Bank of Nigeria, CBN has dissolved the Board and Management of Union Bank, Keystone Bank, and Polaris Bank.
This was contained in a statement signed by CBN’s acting Director, Corporate Communications Department, Mrs. Sidi Ali, Hakama and made available to Channel Network Afrique, CNA.
According to the statement, the action became necessary due to the non-compliance of the banks and their respective boards with the provisions of Section 12(c), (f), (g), (h) of Banks and Other Financial Institutions Act, 2020.
It said 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 apex bank however, assured the public of the safety and security of depositors’ funds as it remains resolute in fulfilling its mandate to uphold a safe, sound, and robust financial system in Nigeria.
The Central Bank of Nigeria further emphasised that the nation’s Banking system remains strong and resilient.
