CBN Dissolves the Board and Management of Three Banks

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

The Director, Corporate Communications, CBN, Sidi Ali Hakama in her statement on January 10, 2024 said the action became necessary due to the non-compliance of the banks and
their respective boards with the provisions of Section 12(c), (f), (g), (h) of Banks and Other Financial Institutions Act, 2020.

She stated that 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 pose a threat to financial stability, among others.

The CBN thereby assured the public of the safety and security of depositors’ funds, reaffirming to remain resolute in fulfilling its mandate to uphold a safe, sound, and robust financial system in Nigeria.

The apex bank further assured that the Nigeria’s banking system remains strong and resilient.