The Central Bank of Nigeria has, with immediate effect, sacked the entire Board of Directors of Polaris, Union and Keystone Banks.

The apex bank in a statement signed by its Acting Director of Corporate Communications, Sidi Hakama, said “this 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.”

It added that “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 also assured the public of the safety and security of depositors’ funds, saying it remained resolute in fulfilling its mandate to uphold a safe, sound, and robust financial system in Nigeria.