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Infractions: CBN dissolves Boards and Management of Union, Keystone, Polaris Banks

Photo Collage of CBN, Union, Keystone and Polaris Banks' Logos Credit: Today Politics

*The Central Bank of Nigeria assures the public of the safety and security of depositors’ funds, restating the Bank’s commitment to fulfilling the banking sector regulator’s mandate to uphold ‘a safe, sound and robust financial system’ in the country

Isola Moses | ConsumerConnect

The Central Bank of Nigeria (CBN) has dissolved the Boards and Management Teams of the Union Bank, Keystone Bank and Polaris Bank respectively.

Mrs. Sidi Ali Hakama, Acting Director of Corporate Communications at CBN, who disclosed this development in a statement issued Wednesday, January 10, 2024, in Abuja, FCT, 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 Bankers’ Bank stated: “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 statememt also noted: “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.”

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