TheCable Fact Check
  • Home
  • Fact Check
  • Fake News
  • Check Am For Wazobia
Reading: MISINFO ALERT: CBN only dissolved the boards of Keystone, Union, Polaris — NOT the banks
Share
Latest News
FACT CHECK: How true are Obi’s claims about poverty rate in Nigeria, China and Indonesia?
FACT CHECK: No, Finnish court didn’t approve Simon Ekpa’s extradition to Nigeria
FACT CHECK: Is Cardinal Arinze eligible to be elected as the next Pope?
Rárá, Jonathan kò sọ pé Tinubu yóò se àṣeyọrí nínú ètò ìdìbò fún Ipò Ààrẹ ní ọdún 2027
A’a, Jonathan bai yi hasashen nasarar Tinubu a zaben shugaban kasa na 2027 ba
No, Jonathan no predict Tinubu victory for 2027 presidential election
Ḿbà, Jonathan ágbaghị àmà na Tinubu gà-èmérí ńtùlíáka ónyé ísíàlà ǹkè áfọ̀ 2027
FACT CHECK: Picture of Kwankwaso wearing cap with ‘Tinubu’s insignia’ photoshopped
Advertisement
Aa
TheCable Fact CheckTheCable Fact Check
Search
  • Home
  • Fact Check
  • Fake News
  • Check Am For Wazobia
Follow US

MISINFO ALERT: CBN only dissolved the boards of Keystone, Union, Polaris — NOT the banks

Bunmi Aduloju
By Bunmi Aduloju Published June 11, 2024 2 Min Read
Share

On June 10, several social media users claimed that the Central Bank of Nigeria (CBN) had dissolved Union Bank, Keystone Bank, and Polaris Bank.

A circular with the information, dated January 10, was shared by these accounts. 

An X user @drpenking posted the circular announcing the development. The post has over 2,600 likes, 677 reposts, and 232 quotes.

Similar posts have been archived here.

Another X user @ Kennyhass4 advised the public to “change your bank” because the “banks have been dissolved”.

If you have money in Polaris, Keystone, and Union banks, I will advice that you change your bank because the Board of this banks has been dissolved. It means that they have challenges of recapitalisation and is in distress. My advice, a stitch in time, saves nine.
Copied##

— Kehinde Ibrahim (@Kennyhass4) June 10, 2024

The claims were made in light of the recent Heritage Bank licence revocation.

HOW TRUE IS THIS?

Although the information in the viral post is correct, the board and management teams of the banks had been dissolved since January 10 — not June 10 as speculated.

Several media platforms reported the development in January. Some of such reports can be found here, here, and here. 

The statement was also published on the CBN website.

In addition, new executive officers were appointed on January 11 by the apex bank to head the banks. 

Sidi Ali Hakama, CBN acting director of corporate communications, also raised the alarm that the January 10 circular is being circulated as if it were issued on June 10.

In summary, the board members and management of the aforementioned banks were dissolved — not the banks.  The development is also not recent.

TAGGED: cbn, Keystone Bank, Polaris Bank, Union Bank

Please send your feedback, claims to fact check and corrections requests to [email protected]

Bunmi Aduloju June 12, 2024 June 11, 2024
Share this Article
Facebook Twitter Email Copy Link Print
Leave a comment Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

POPULAR POSTS

Advertisement

FACT CHECK: How true are Obi’s claims about poverty rate in Nigeria, China and Indonesia?

Peter Obi, Labour Party (LP) presidential candidate in the 2023 elections, sparked a debate with…

May 5, 2025

FACT CHECK: No, Finnish court didn’t approve Simon Ekpa’s extradition to Nigeria

On Tuesday, some social media users and blog sites made a post claiming that a…

April 24, 2025

FACT CHECK: Is Cardinal Arinze eligible to be elected as the next Pope?

A social media user has claimed that Francis Arinze, a Roman Catholic cardinal, is the…

April 21, 2025

Rárá, Jonathan kò sọ pé Tinubu yóò se àṣeyọrí nínú ètò ìdìbò fún Ipò Ààrẹ ní ọdún 2027

Ní ọjọ́ ajé, ọ̀rọ̀ kan to sọ pé Goodluck Jonathan, Ààrẹ orílẹ̀ èdè Nàìjíríà tẹ́lẹ̀…

April 20, 2025
Advertisement
Advertisement

YOU MAY ALSO LIKE

MISINFO ALERT: Viral post claims terrorists razed Plateau yam market — but the photos are old

A social media user has claimed that terrorists have set fire to a yam market located in Plateau state. The…

Exclusives & FeaturesFact Check
April 5, 2025

FAKE NEWS ALERT: CBN denies introducing N5,000, N10,000 notes

The Central Bank of Nigeria (CBN) has disowned a circular claiming that the financial regulator has introduced N5,000 and N10,000…

BusinessFact CheckFake News Alert
April 2, 2025

FAKE NEWS ALERT: Lagos disowns viral memo on ‘abductions’ on Gbagada expressway

The Lagos government has dismissed a report alleging that the state received a "critical security alert" from the police command…

Fact CheckFake News Alert
March 27, 2025

FAKE NEWS ALERT: Dangote Group denies unveiling ‘money doubling platform’ in viral video

Dangote Group has dismissed a viral video advert claiming that Aliko Dangote, its founder, has developed a financial platform that…

BusinessFact CheckFake News Alert
March 18, 2025

CableCheck seeks to provide reliable tools and resources for readers to tackle the menace of fake and misleading materials constantly pushed into the public space from various sources. We monitor the accuracy of claims made in traditional and social media. We also provide a tracker to hold politicians and policymakers accountable for the plans and promises they make to the public. CableCheck is a project of the Cable Newspaper Journalism Foundation (CNJF), supported by the MacArthur Foundation and implemented by TheCable newspaper.

Follow US: 

LINKS

  • Contact
  • About Us
  • Non-Partisanship Policy
  • Funding
  • Correction Policy
© Copyright TheCable. All Rights reserved.
Welcome Back!

Sign in to your account

Lost your password?