The Central Bank of Nigeria (CBN) has dissolved the Board and Management of Union Bank, Keystone Bank, and Polaris Bank.
The boards of the affected banks were dissolved after a meeting with the leadership of the CBN in Abuja.
On Thursday, January 11, 2024, the CBN released a January 10, 2024, statement indicating that it had appointed new executives for Union Bank, Keystone Bank, and Polaris Bank.
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Acting Director of Corporate Communications at the Apex Bank, Mrs. Sidi Ali Hakama, disclosed this in a statement shared with journalists on Monday.
According to the statement, 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), and (h) of the Banks and Other Financial Institutions Act, 2020.
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“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.”
“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.”
