CBN dissolves boards, management of Union, Keystone, Polaris banks

The Central Bank of Nigeria (CBN) has dissolved the boards and management of Union Bank, Keystone Bank, and Polaris Bank.

Mrs Hakama Sidi-Ali, Acting Director, Corporate Communications Department of the CBN, disclosed this in a statement on Wednesday in Abuja.

According to Sidi-Ali, this action became necessary due to the non-compliance of the three banks and
their respective boards with the provisions of Banks
and Other Financial Institutions Act, 2020.

She said that the banks’ infractions varied from regulatory non-compliance, corporate governance failure, and disregarding the conditions under which their licenses were granted.

She said that the managements of the affected banks also got involved in activities that posed a threat to financial stability.

“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,” she said.