*Pix above: CBN
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The Central Bank of Nigeria (CBN) has officially dissolved the Board and Management of three Nigerian prominent banks — Union Bank, Keystone Bank, and Polaris Bank.
A press release dated January 10, 2024, sacking them, says the action was a direct result of the banks’ non-compliance with critical regulatory provisions.
The implicated provisions, Section 12(c), (f), (g), (h) of the Banks and Other Financial Institutions Act, 2020, cover a range of regulatory and governance expectations. The CBN cited several concerns leading to this decision, including regulatory non-compliance, failures in corporate governance, and involvement in activities threatening financial stability.
Says Mrs. Sidi Ali, Hakama, the Acting Director of Corporate Communications at the CBN: “This 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 Banks and Other Financial Institutions Act, 2020. The Banks’ 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,” noting that the CBN’s mandate is to ensure a safe, sound, and resilient banking environment for all Nigerians.
In line with this responsibility, the CBN reassured the public that the safety and security of depositor funds remain a top priority, emphasizing the Bank’s commitment to upholding and protecting the financial system within the country./PLEASE SHARE
*Tags: Sidi Ali, Hakama, CBN, Union Bank, Keystone Bank, Polaris Bank
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