Nigeria, Jan. 12 -- The Central Bank of Nigeria (CBN) late Wednesday announced the dissolution of the boards and management of Union Bank, Polaris Bank and Keystone Bank.

Hours later, it appointed new executives (two each) to "oversee the affairs of the banks", ostensibly till the time new boards and management will be reconstituted.

All three banks are privately owned.

Union Bank adopted private ownership last November after Titan Trust Bank, its majority shareholder, acquired the stakes of other shareholders, causing the lender to delist its shares from the Nigerian Exchange.

"This action became necessary due to non-compliance of these banks and their respective boards with the provisions of Section 12(c), (f), (g), (h) of Banks and...