We have not dissolved board, management of Unity, Keystone, Polaris — CBN

By Matthew Denis, Abuja

Contrary to reports making rounds, the Central Bank of Nigeria (CBN) has dismissed a purported sack of the current board and management of Unity, Keystone and Polaris Banks.

Speaking on Monday Night with our correspondent on a telephone call, the CBN Head of Media  Mr. Olalekan Ajayi said, “it is old news that happened in January this year not recent.”

According to him, the dissolution of the Boards of the three was carried out by the apex bank on January 10th, 2024 as posted on the CBN website over alleged corporate governance infractions and non-compliance with regulatory requirements.

Earlier, some online media had reported that the apex bank sacked the board and management of Keystone, Polaris and Union Banks.

It claims that in a statement on Monday, signed by its spokesperson, Sidi Ali Hakama, the CBN said the dissolution is with immediate effect citing the CBN cited non-compliance with regulatory provisions, specifically Sections 12 (c), (f) (g) (h) of the Banks and other Financial Institutions Act, 2020.

It added that the banking sector regulator listed the banks’ infractions to include regulatory non-compliance, corporate governance failure, disregarding the conditions under which their licences were granted and involvement in activities that pose a threat to their financial stability, among others.

Recall that recently the CBN withdrew the operational licence of Heritage Bank.