The Central Bank of Nigeria (CBN) has dissolved the board and management of Polaris Bank, Union Bank, and Keystone Bank.
This was announced in a statement released by the acting Director of Corporate Communications at CBN, Sid Hakama. This decision was taken due to the non-compliance of these respective banks and their boards with the provisions of Section 12(c), (g), (h) of the Banks and Other Financial Institutions Act, 2020.
It was reported that these banks are involved in activities that pose a threat to financial stability including that of the former CBN Governor, Godwin Emefiele. The CBN also assured the public of the safety and security of depositors' funds.
The statement read:
"The Central Bank of Nigeria (CBN) has dissolved the Board and Management of Union Bank, Keystone Bank, and Polaris Bank. The Bank’s infractions vary from regulatory non-compliance, corporate governance failure, disregarding the conditions under which their licenses were granted, and involvement in activities that posed 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"