The Board and Management of Union Bank, Keystone Bank, and Polaris Bank have been dissolved by the Central Bank of Nigeria (CBN).
The boards of the affected banks were dissolved on Monday 10 June 2024 after a meeting with the leadership of the CBN in Abuja.
The dissolution was announced in a statement signed by Acting Director of Corporate Communications at the Apex Bank, Mrs. Sidi Ali Hakama.
According to the statement, the action became necessary due to the non-compliance of the banks and their respective boards with the provisions of Section 12(c), (f), (g), and (h) of the Banks and Other Financial Institutions Act, 2020.
“The banks’ 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.”