The Central Bank of Nigeria (CBN) has sacked the boards of Union Bank, Polaris Bank and Keystone Bank.
In a statement signed by its Acting Director of Corporate Communications, Sidi Hakama, the apex bank said the development arose due non-compliance of the affected 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 read in part.
Meanwhile, the CBN has assured the public of the safety and security of depositors’ funds, adding that it remained resolute in fulfilling its mandate to uphold a safe, sound, and robust financial system in Nigeria.
Read the full statement below:
CBN Dissolves the Board and Management of Union Bank, Keystone Bank and Polaris Bank
The Central Bank of Nigeria (CBN) has dissolved the Board and Management of Union Bank, Keystone Bank, and Polaris Bank.
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 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.
Sidi Ali, Hakama (Mrs.)
Ag. Director, Corporate Communications
