The Central Bank of Nigeria (CBN) has disolved the boards and management of Union Bank, Polaris Bank, Keystone Bank and Titan Trust Bank.

The apex bank made the disclosure in a formal statement that was uploaded to its official X microblogging account.

The statement reads, “The Central Bank of Nigeria (CBN) has disolved the boards and the management of Union Bank, Polaris Bank, Keystone Bank and Titan Trust Bank.

The action became necessary due to the non-compliance of these banks and their respective boards with the provisions of Section 12(c), (f), (g), (h), of Banks and Other Financial Institutions Act, 2020.

“The Bank’s infractions vary from regulatory non-compliance, corporate governance failure, disregarding the conditions under which their licenses were granted, and involvement in activities that pose a threat to financial stability, among others.

“The CBN assures the public of the safety and security of depositors’ funds and remains resolute in fulfilling its mandate to uphold a safe, sound and robust financial system in Nigeria. Our Banking system remains strong and resilient.”