For reasons of non-compliance with banking regulations and corporate governance failures, the Central Bank of Nigeria announced last Wednesday that it had dismissed the boards of directors and management of three lenders.

The boards and management of the private banks Union Bank, Keystone Bank, and Polaris Bank have been dismissed; each of its banks has been placed under government control in the past. According to the governor, “offenses committed by banks range from non-compliance with regulations to the failure of corporate governance, to non-compliance with the conditions under which their licenses were granted, and to involvement in activities that pose a threat to financial stability that pose a threat to financial stability, among others.”