The Central Bank of Nigeria (CBN) says the Board and Management of Union Bank, Keystone Bank, and Polaris Bank we’re dissolved owing to non-compliance of the banks and their respective boards with the provisions of Banks and Other Financial Institutions Act, 2020.
In a statement signed by Director, Corporate Communications, Sidi Hakama, the apex bank noted that the affected 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 statement reassured the public of the safety and security of depositors’ funds adding that the the apex bank 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 statement read.
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