Analysts and market watchers express concerns over the dissolution of the board and management of Union Bank, Polaris Bank and Keystone Bank, as customers worry about the fate of their funds. The Central Bank of Nigeria (CBN) took this action due to violation of the Banks and Other Financial Institutions Act (BOFIA).
Following the dissolution of the board and management of Union Bank , Polaris Bank and Keystone Bank , analysts and market watchers have said, there is need for more clarity on the structure even as customers panic over what would become the fate of their funds in the wake of the shake up. The CBN had, on Wednesday, announced the dissolution of the board and management of the three banks for violation of parts of the Banks and Other Financial institutions Act (BOFIA).
This is coming on the heels of the recommendation of the presidential investigator, which had asked that the sale of the banks be revoked as they did not follow due process. According to the statement issued by the CBN, the action had become necessary due to the non-compliance of the banks and their respective boards with the provisions of Section 12(c), (f), (g), (h) of Banks and Other Financial Institutions Act, 202
Dissolution Board Management Union Bank Polaris Bank Keystone Bank Concerns Customers Funds Central Bank Of Nigeria Violation Banks And Other Financial Institutions Act
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