The Central Bank of Nigeria (CBN) has announced the dissolution of the boards and management of Union Bank, Polaris Bank, Keystone Bank, and Titan Trust Bank. The apex bank made this disclosure through an official statement posted on its X microblogging account.
The statement outlined that the action was deemed 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 CBN cited various infractions, including regulatory non-compliance, corporate governance failure, disregard for the conditions under which their licenses were granted, and involvement in activities that posed a threat to financial stability.
“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 statement explained.
Despite these actions, the CBN sought to reassure the public about the safety and security of depositors’ funds. It emphasized its commitment to upholding a safe, sound, and robust financial system in Nigeria. The central bank also affirmed that the overall banking system in the country remains strong and resilient.