CBN Dissolves Boards and Managements of Union Bank, Keystone Bank, and Polaris Bank
By Patience Ikpeme
In a decisive move to ensure the integrity and stability of Nigeria’s financial landscape, the Central Bank of Nigeria (CBN) has announced the dissolution of the Boards and Management of Union Bank, Keystone Bank, and Polaris Bank.
A press release signed by Mrs. Hakama Sidi Ali, Ag. Director, Corporate Communications said this action followed the identified non-compliance of these banks and their respective boards with the stipulations laid out in Sections 12(c), (f), (g), and (h) of the Banks and Other Financial Institutions Act, 2020.
The infractions reported span a range of issues including regulatory non-compliance, failures in corporate governance, disregard for licensing conditions, and involvement in activities deemed hazardous to financial stability.
Reassuring the public, the CBN emphasized the safety and security of depositors’ funds. It reaffirms its unwavering commitment to maintaining a secure, resilient, and robust financial system within Nigeria.
This announcement underscores the CBN’s dedication to upholding the soundness of the nation’s banking system amidst these critical developments.
