The Central Bank of Nigeria (CBN), Nigeria’s apex bank, has sacked the Board and Management of Polaris, Keystone and Union Banks.
This is contained in a statement issued by the Ag. Director, Corporate Communications of the CBN, Mrs. Sidi Ali, Hakama.
The Central Bank said its 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 the Banks and Other Financial Institutions Act, 2020.
“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.
“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,” the statement said.