CBN Dissolves Board and Management of Union Bank, Keystone Bank, Polaris Bank

The Central Bank of Nigeria (CBN) has announced the dissolution of the Board and Management of Union Bank, Keystone Bank, and Polaris Bank.

According to the apex bank in a statement signed by Sidi Ali, Hakama (Mrs.), Ag. Director, Corporate Communications, the banks embarked on some unethical conduct which pose threat to financial stability.

“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 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, ” the statement reads.

CBN assured the public of the safety of the funds in the banks.”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, ” it disclosed.