Reasons Why CBN Sacked Board Of Union, Keystone, Polaris Banks

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 In the exercise of its regulatory powers, the Central Bank of Nigeria (CBN), on Wednesday, dissolved the Board and Management of Polaris Bank, Union Bank and Keystone Bank for violation of some sections of the Banks and Other Financial Institutions Act (BOFIA) 2020.


CBN said the affected banks committed four ‘sins’ or infractions, which necessitated it wielding the big stick against them.

A statement signed by the acting director of Corporate Affairs, CBN, Mrs Hakama Sidi-Ali, on Wednesday night, said the action became necessary due to the non-compliance of the three banks and their respective boards with the provisions of Section 12(c), (f), (g), (h) of Banks and Other Financial Institutions Act, 2020.


 


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