CBN Dissolves Boards, Managements Of Union, Keystone, Others

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News Investigators/ The Central Bank of Nigeria (CBN), has announced the dissolution of the board and management of three commercial banks.

The affected banks are Union Bank, Keystone Bank and Polaris Bank. The management of the Union Bank had earlier been taking over by the proprietor of the Titan Trust Bank in a controversial merger and acquisition deal.

The Apex bank cited non-compliance of the boards and managements of the bank with the provisions of section 12(c), (f), (g) and (h) of the Banks and other Financial Institutions Act 2020.

It is not clear if the action was in furtherance of the recommendations of the special Investigator probing the alleged malfeasance of its former governor, Godwin Emefiele who is standing trial on charges of corruption.

CBN in a statement signed by acting corporate director, communication, Sidi Ali Hakama dated 10th January 2024, said “the banks’ infractions vary from regulatory non-compliance, corporate governance failure, disregarding conditions under which their licences were granted, and involving 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,” it said.

Adding that the nation’s “banking system remains strong and resilient. “

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