The Central Bank of Nigeria (CBN) has dissolved the Board and Management
of three commercial banks in the country.
The affected banks are: Union Bank, Keystone Bank, and Polaris Bank.
A statement signed by the Acting Director of Corporate Communications at the Apex Bank Mrs Hakama Sidi-Ali and made available to African Business Travel News (ABTNEWS) 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
“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,” added Sidi-Ali.
The CBN which assured the public of the safety and scurity of depositors’ funds added that it remains resolute in fulfilling its mandate to uphold a safe, sound, and robust fnancial system in Nigeria. Just as ot added, “Our Banking system remains strong and resilient.”
