The Central Bank of Nigeria (CBN) has dissolved the Board and Managment of Union Bank, Polaris Bank and Keystone Bank.
The apex bank said its action became necessary due to the non-compliance of Union, Keystone and Polaris Banks and their respective boards with the provisions of Section 12(c), (f), (g), (h) of Banks and Other Financial Institutions Act, 2020.
This is contained in a statement by CBN on Wednesday, January 10th, 2024, signed by its Acting Director, Corporate Communications, Mrs. Hakama Sidi Ali.
The statement reads; “CBN Dissolves the Board and Management of Union Bank, Keystone Bank and Polaris Bank.”
“The Central Bank of Nigeria (CBN) has dissolved the Board and Management of Union Bank, Keystone Bank, and Polaris Bank.”
“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. 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 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.”