The federal government has taken over three commercial banks – Union, Polaris and Keystone – following the dissolution of their management and boards by the Central Bank of Nigeria (CBN) yesterday.
The federal government has taken over three commercial banks – Union , Polaris and Keystone – following the dissolution of their management and boards by the Central Bank of Nigeria ( CBN ) yesterday.
In a statement signed by the Acting Director of corporate Communications, Hakama Sidi Ali, the bank said the action became necessary due to “non-compliance of these banks and their respective boards with provisions of sections 12(c), (f), (g) and (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 licences were granted and involvement in activities that pose a threat to the financial stability among others,” the apex bank said
Federal Government Commercial Banks Union Polaris Keystone Central Bank Of Nigeria CBN Non-Compliance Regulatory Corporate Governance Financial Stability
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