Central Bank Takes Swift Action: Dissolves Boards Of Union, Keystone, Polaris, And Titan Banks

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. This decision, outlined in an official statement posted on the CBN’s X microblogging account…..CONTIONUE READING

was deemed necessary due to the banks’ and their respective boards’ non-compliance with the provisions of Section 12(c), (f), (g), (h) of the Banks and Other Financial Institutions Act, 2020.

The infractions cited include regulatory non-compliance, corporate governance failures, disregard for the conditions under which their licenses were granted, and involvement in activities posing a threat to financial stability.

The CBN assured the public of the safety and security of depositors’ funds, emphasizing its commitment to upholding a safe, sound, and robust financial system in Nigeria, asserting that the banking system remains strong and resilient.