The Board and Management of Union Bank, Keystone Bank, and Polaris Bank have been dissolved by the Central Bank of Nigeria (CBN).
This was revealed in a press release dated January 10, 2024, and signed by Sidi Ali Hakama (Mrs.), Ag. Director, Corporate Communications of CBN.
This action became essential in response to the banking and finance news since these banks and their respective boards were not adhering to Section 12(c) provisions. (f). (g). paragraph (h) of the 2020 Banks and Other Financial Institutions Act.
The Banks has violated numerous regulations; these include failing to follow corporate governance guidelines, violating the terms of the licences they were given, and engaging in activities that endanger the stability of the financial system.
The CBN is steadfast in carrying out its responsibility to maintain a secure, sound, and healthy financial system in Nigeria and reassures the public about the safety and security of depositors’ money. Our financial system is still robust and resilient.
