The Central Bank of Nigeria (CBN) has taken decisive action by dismissing the boards and management of Union Bank, Polaris Bank, and Keystone Bank.
This move was prompted by the banks’ non-compliance with Section 12(c), (f), (g), (h) of the Banks and Other Financial Institutions Act, 2020.
The CBN cited infractions ranging from regulatory non-compliance to corporate governance failure and activities threatening financial stability.
During a meeting on January 10, the Deputy Governor and other officials addressed the affected banks, highlighting their violations before formally dissolving the boards.
The CBN assures the public of the safety of depositors’ funds and reaffirms its commitment to maintaining a secure and robust financial system in Nigeria.
