June 13, 2024

CBN Appoints New Executive Directors For Polaris, Union, Keystone Banks

2 min read
Olayemi Cardoso, Governor, Central Bank of Nigeria

The Central Bank of Nigeria (CBN) has appointed new executive directors for Polaris, Union and Keystone Banks following the sack of their board of directors on Wednesday over grievous financial infractions.

A statement signed by the acting CBN Director of Corporate Communications, Sidi Hakama, early Thursday morning, said the new appointments take immediate effect.According to the statement, Yetunde Oni has been appointed the Chief Executive Officer of Union Bank, while Mannir Ubali Ringim was appointed as the Executive Director.  

 Keystone Bank now has  Hassan Imam as its Chief Executive Officer, while Chioma Mang is the Executive Director.CBN also has appointed  Lawal Mudathir Omokayode Akintola as the Chief Executive Officer of Polaris Bank with  Chris Ofikulu as  Executive Director. “Following the dissolution of the Board and Management of Union Bank, Keystone Bank and Polaris Bank on Wednesday, January 10, the CBN has appointed new executives to oversee the affairs of the banks;

“Union Bank: Yetunde Oni – Managing Director/Chief Executive Officer Mannir Ubali Ringim – Executive Director“Keystone Bank: Hassan Imam – Managing Director/ Chief Executive Officer Chioma A. Mang – Executive Director.,” CBN said in the statement.The apex bank noted that the three banks were involved in various infractions ranging  from regulatory non-compliance, corporate governance failure, disregarding the conditions under which their licences were granted, and involvement in activities that posed a threat to financial stability, among others.

CBN,  therefore, in the exercise of its regulatory powers, said the dissolution of the boards became necessary due to the non-compliance of the banks and their respective boards with the provisions of the Financial Institutions Act, 2020.Special Investigator Jim Obazee, appointed by President Bola Tinubu in July 2023, to probe the activities of the CBN and other relevant establishments, had recommended the sack of the boards of the three banks in his report following his findings.

The report accused the immediate past CBN Governor , Godwin Emefiele, of acquiring the banks for himself through proxies, stressing that embattled Emefiele used proxies to acquire Union Bank of Nigeria for Titan Trust Bank Limited and Keystone Bank without any evidence of payment.

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