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

Maureen Aguta

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

The apex bank in a statement on Tuesday disclosed 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.

The statement signed by Sidi Ali, Hakama Ag. Director, Corporate Communications of CBN, disclosed 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.

The Central Bank assured the public of the safety and security of depositors’ funds even as it disclosed that it remains resolute in fulfilling its mandate to uphold a safe, sound, and robust financial system in Nigeria. “Our banking system remains strong and resilient,” it stated.