CBN sacks boards of Union Bank, Keystone Bank and Polaris Bank - ITREALMS

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The Central Bank of Nigeria (CBN) has dissolved the Board and Management of Union Bank, Keystone Bank, and Polaris Bank with immediate effect, reports ITREALMS.

This action, according to the acting Director, Corporate Communications at CBN, Sidi Ali Hakama (Mrs) has 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.

Hakama in a press statement available to ITREALMS said that 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, she said assured the public of the safety and security of depositors' funds and remained resolute in fulfilling its mandate to uphold a safe, sound, and robust financial system in Nigeria.

"Our banking system remains strong and resilent," she declared.

Chuks Egbune/Editor