By CBN Dissolves Board and Management of Three Banks
Ghazali Ibrahim
The Central Bank of Nigeria (CBN) has dissolved the Board and Management of Union Bank, Keystone Bank, and Polaris Bank.
The directive was contained in a statement signed by the
Mrs Sidi Ali, Hakama, the Ag. Director, Corporate Communications at CBN.
Per the statement, the dissolution was due to the failure of the three banks to comply with some certain procedures laid for the regulations of commercial banks, including corporate governance rules.
“This action became necessary due to the non-compliance of these banks and their respective boards with the provisions of Section 12(c), (f), (g), (h) of Banks and Other Financial Institutions Act, 2020,” the statement read.
“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.”
