The Central Bank of Nigeria (CBN) has confirmed the dissolution of the Board and Management of Union Bank, Keystone Bank, and Polaris Bank.
CBN Ag. Director, Corporate Communications, Mrs Sidi Ali, Hakama who disclosed this in a statement on Wednesday, said, 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.
She noted that 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.
She, however, assured the public of the safety and security of depositors’ funds, noting that CBN 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 added.
