The CBN cited corporate governance lapses, regulatory non-compliance, breach of terms under which the banks got their licences and “involvement in activities that pose a threat to financial stability” among the reasons for the dissolution.
Controversy trailing the acquisition of Polaris Bank took a new twist Thursday when a report by Premium Times accused the bank of breaching the Corporate and Allied Matters Act (CAMA) 2020 by not disclosing the details of its 45 percent ownership in its documentation with the Corporate Affairs Commission (CAC).
The Managing Director and CEO of Polaris Bank have clarified the actual owner of the bank in a company-wide email to the staff, asking them to focus on the bank