Nigeria’s Central Bank dissolves board of Polaris, Keystone & Union Bank

The boards and management of three Nigerian banks have been dissolved by the country’s central bank. This action, communicated through a late Wednesday email statement, was taken citing regulatory infringements and perceived acts that pose a threat to financial stability.

The affected lenders include Union Bank of Nigeria, Polaris Bank and Keystone Bank. Their 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 central bank said.

The Nigerian central bank has also appointed new executives for the affected banks.