CBN Confirms Sack Of Management Boards Of Union Bank, Keystone Bank, And Polaris Bank

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

The apex bank, in a statement signed by its acting director of Corporate Communications, Sidi Ali Hakama, said the move 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.

It added that the banks got themselves involved in activities that pose a threat to financial stability.

The CBN added that the funds of depositors in the affected banks are safe and unaffected by the decision.

Below is the full statement.

“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.”