Jan. 10, 2024

The Central Bank of Nigeria (CBN) has dissolved the boards and management of Union Bank, Keystone Bank, and Polaris Bank.

Mrs Hakama Sidi-Ali, Acting Director, Corporate Communications Department of the CBN, disclosed this in a statement on Wednesday in Abuja.

According to Sidi-Ali, this action became necessary due to the non-compliance of the three banks and their respective boards with the provisions of Banks
and Other Financial Institutions Act, 2020.

She said that the banks’ infractions varied from regulatory non-compliance, corporate governance failure, and disregarding the conditions under which their licenses were granted.

She said that the managements of the affected banks also got involved in activities that posed a threat to financial stability.

“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,” she said.