CBN Announces Dissolution of Boards for Union bank and others

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. The decision was conveyed through an official statement posted on the CBN’s microblogging account.

According to the statement, the CBN took this action due to the non-compliance of these banks and their respective boards with the provisions of Section 12(c), (f), (g), (h) of the Banks and Other Financial Institutions Act, 2020. The reasons cited for the dissolution include regulatory non-compliance, corporate governance failures, disregard for the conditions under which their licenses were granted, and engagement in activities deemed threatening to financial stability, among other infractions.