Central Bank of Nigeria (CBN), has announced the immediate dissolution of the board and management of Keystone, Polaris and Union Banks.
This was contained in a statement by acting Head of Corporate Communications of the CBN, Mrsa Sidi Ali Hakama, 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.
