CBN Sacks Boards, Managements Of Keystone, Polaris, Union Banks

The Central Bank of Nigeria (CBN), on Monday, June 10, 2024 announced the immediate dissolution of the board and management of Keystone, Polaris and Union Banks.

This was contained in a statement by Mrsa Sidi Ali Hakama, Acting Head of Corporate Communications of the CBN, stating that the decision of the apex bank was based on the non-compliance with regulatory institutions and specifically on Sections 12 (c), (f) (g) (h) of the Banks and other Financial Institutions Act, 2020.

The CBN specifically said that the Banks infractions vary from regulatory non-compliance, corporate governance failure, disregard of the conditions under which their licences were granted, and involvement in activities that pose a threat to financial stability among other.

The CBN however assured the public of the safety and security of depositors’ funds, stressing that it remained resolute in fulfilling its mandate to uphold a sound, safe and robust financial system in Nigeria.

The CBN also assured that the Nation’s banking system remain sound and resilient.