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


The Central Bank of Nigeria (CBN) has announced the dissolution of the boards and management of Union Bank, Keystone Bank, and Polaris Bank. This decision was revealed by Hakama Sidi-Ali, the acting director of the Corporate Communications Department of the CBN, in a statement released on Wednesday in Abuja.

Sidi-Ali explained that the CBN took this step due to the non-compliance of the three banks and their respective boards with the provisions of the Banks and Other Financial Institutions Act, 2020. The infractions cited included regulatory non-compliance, corporate governance failure, and a disregard for the conditions under which their licenses were granted. Additionally, the managements of the affected banks were involved in activities that posed a threat to financial stability.

In reassurance to the public, Sidi-Ali emphasized the CBN’s commitment to the safety and security of depositors’ funds. The statement concluded by affirming the resilience and strength of the banking system in Nigeria, with the CBN remaining steadfast in its mandate to uphold a safe, sound, and robust financial system in the country.

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