The Central Bank of Nigeria, CBN has dissolved the Board and Management of Union Bank, Keystone Bank and Polaris Bank.
In a statement on Monday, 10 June 2024 signed by the apex bank’s Acting Director, Corporate Communications, Mrs Sidi Ali, Hakama, CBN said “the 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 added 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 threat to financial stability, among others”
Central Bank of Nigeria, however, 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”, the statement concluded
