The Central Bank of Nigeria (CBN) says it dissolved the boards and management of Union Bank, Keystone Bank, and Polaris Bank due to due to their non-compliance with the provisions of Banks
and Other Financial Institutions Act (BOFIA) 2020.
Mrs Hakama Sidi-Ali, Acting Director, Corporate Communications Department of the CBN, disclosed this in a statement on Wednesday in Abuja.
According to Sidi-Ali, the three banksโ infractions varied from regulatory non-compliance, corporate governance failure, and disregarding the conditions under which their licenses were granted.
She said that the managements of the affected banks also got involved in activities that posed a threat to financial stability.
โThe CBN assures the public of the safety and security of depositorsโ funds and remains resolute in fulfilling its mandate to uphold a safe, sound, and robust
financial system in Nigeria.
โOur banking system remains strong and resilient,โ she said.
NAN-
