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Similar posts have been archived here.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.
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— 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.
