January 10, (THEWILL) – The Central Bank of Nigeria (CBN), has dissolved the Board and Management of Union, Keystone and Polaris Banks, confirming THEWILL’s Weekend Exclusive reporting on the sack.
The apex bank confirmed the development in a statement signed by its Acting Director, Corporate Communications, Sidi Ali Hakama (Mrs).
According to Hakama, “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 Bank’s infractions vary from regulatory non-compliance, corporate governance failure, disregarding the conditions under which their licences 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.”
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