UPDATED: CBN dissolves boards, managements of Union, Keystone, Polaris banks

The Central Bank of Nigeria (CBN) on Wednesday said iit has dissolved the board and management of Union Bank of Nigeria, Keystone Bank, and Polaris Bank.

The Acting Director, Corporate Communications, CBN, Mrs. Sidi Hakama in a statement 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.

According to her, 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,” the statement added.