The Central Bank of Nigeria has officially dissolved the boards and management teams of Union Bank, Polaris Bank, Keystone Bank, and Titan Trust Bank. 

This announcement was made in a statement released by the acting director, corporate communications of the apex bank Sidi Ali, Hakama. 

The statement from the CBN shed light on the necessity of this action, citing non-compliance with the provisions of Section 12(c), (f), (g), (h) of the Banks and Other Financial Institutions Act, 2020. 

According to the CBN, the infractions include regulatory non-compliance, corporate governance failures, and a disregard for the conditions under which their licenses were granted.

In the statement, the CBN emphasized the gravity of the situation, stating, “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.”

Furthermore, the CBN expressed its commitment to safeguarding depositors’ funds and maintaining a robust financial system in Nigeria. 

It assured the public of the resilience and strength of the banking sector, stating, “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.”