Abuja, Nigeria – The Central Bank of Nigeria (CBN) has announced the immediate dissolution of the boards and management of Keystone, Polaris, and Union Banks, citing non-compliance with regulatory institutions and specifically sections 12(c), (f), (g), and (h) of the Banks and other Financial Institutions Act, 2020.
According to a statement by Mrs. Sidi Ali Hakima, Acting Head of Corporate Communications of the CBN, the decision was made to protect the interest of depositors and ensure the stability of the financial system.
The CBN has assured the public that the safety and security of depositors’ funds are guaranteed and remains resolute in fulfilling its mandate to uphold a safe, sound, and robust financial system in Nigeria.
This development is part of the CBN’s efforts to ensure that banks operate in accordance with regulatory requirements and international best practices, and to maintain public trust and confidence in the banking system.
Further details of the dissolution and next steps for the affected banks are yet to be announced.
