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FG Descends on Board, Management of Union, Keystone, Polaris Banks

The Central Bank of Nigeria (CBN) has dissolved the Board and Management of Union Bank, Keystone Bank, and Polaris Bank.

The Apex bank explained that “this 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 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.

In recent weeks, revelations emanating from the Special Investigator into the affairs of the Central Bank of Nigeria, Mr. Jim Obazee, have indicated that the sale / acquisition.of the banks’ under reference did not follow due process.

Notwithstanding the development, ” Our Banking system remains strong and resilient”, the CBN stressed.

“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.”

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