The Central Bank of Nigeria (CBN) has sacked the boards of Union Bank, Polaris Bank and Keystone Bank.

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 some sections of the 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.