By Ojima-Ojo Abubakar
The Central Bank of Nigeria (CBN) has dissolved the Board and Management of Union Bank, Keystone Bank, and Polaris Bank.
The boards of the affected banks were dissolved after a meeting with the leadership of the CBN in Abuja.
On Thursday, January 11, 2024, the CBN released a January 10, 2024, statement indicating that it had appointed new executives for Union Bank, Keystone Bank, and Polaris Bank.
Acting Director of Corporate Communications at the Apex Bank, Mrs. Sidi Ali Hakama, disclosed this in a statement shared with journalists on Monday.
According to the statement, 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), and (h) of the Banks and Other Financial Institutions Act, 2020.
“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 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.”
