CBN confirms the resignation of the boards of directors of Union Bank, Keystone Bank and Polaris Bank

The Central Bank of Nigeria (CBN) on Wednesday confirmed that it has dissolved the boards and management of Union Bank, Keystone Bank and Polaris Bank.

The apex bank, in a statement signed by its Acting Director of Corporate Communications, Sidi Ali Hakama, said the move became necessary due to the non-compliance by these banks and their respective boards with the provisions of Section 12(c), (f), ( g), (h) of the Banks and Other Financial Institutions Act, 2020.

It added that the banks became involved in activities that threaten financial stability.

The CBN added that depositors' funds in the affected banks are safe and unaffected by the decision.

Below you will find the full statement.

“The Central Bank of Nigeria (CBN) has dissolved the board and management of Union Bank, Keystone Bank and Polaris Bank.

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“This action became necessary due to the non-compliance by these banks and their respective boards of directors with the provisions of Section 12(c), (f), (g), (h) of the Banks and Other Financial Institutions Act, 2020 The banks' violations range from non-compliance with regulations, failure of corporate governance, disregard of the conditions under which their licenses were granted and involvement in activities that threaten financial stability.

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“The CBN assures the public of the safety and security of depositors’ funds and remains resolute in fulfilling its mandate to maintain a safe, sound and robust financial system in Nigeria. Our banking system remains strong and resilient.”

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