BREAKING: CBN sacks boards, management of Union, Keystone, Polaris banks

The top bank claimed that some provisions of the Banks and Other Financial Institutions Act, 2020 were broken by the fired boards and management.The boards and management teams of Union Bank, Keystone Bank, and Polaris Bank have been sacked by the Central Bank of Nigeria (CBN).The information was released in a statement by CBN Acting Director of Corporate Communications, Sidi Ali Hakama, on the evening of Wednesday, January 10, 2023.The judgment was made because the apex bank claims that the affected banks and their boards violated certain sections of the Banks and Other Financial Institutions Act, 2020. Additionally, it mentioned that the bank's violations ranged from corporate governance failings to regulatory non-compliance to engaging in operations that pose a risk to