In the exercise of its regulatory powers, the Central Bank of Nigeria (CBN) has dissolved the Board and Management of Polaris Bank, Union Bank and Keystone Bank for violation of some sections of the Banks and Other Financial Institutions Act (BOFIA) 2020.
A statement signed by the acting director of Corporate Affairs, CBN, Hakama Sidi-Ali, on Wednesday night, said the action became necessary due to the non-compliance of affected three 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 licenses 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,” the spokesperson of the apex bank stated.
