CBN ousts boards of Union, Keystone, Polaris banks

The Central Bank of Nigeria (CBN) sacked the boards of Union Bank, Keystone Bank and Polaris Bank today, BusinessDay can confirm.

The respective boards of the banks were dissolved after a meeting with the central bank in Abuja.

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

The apex bank said the 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 CBN, in a statement on Wednesday explained that the banks’ 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 assured 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 CBN stated.