CBN appoints new executives for Union Bank, Keystone & Polaris Banks

The Central Bank of Nigeria (CBN) has moved ahead to appoint new chief executives for Union Bank, Keystone Bank, and Polaris Bank.

This is happening few hours after the Board of Directors and the Management of these banks were dissolved by the CBN.

In a statement by Mrs Sidi Ali, Hakama, the Acting Director of Corporate Communications of CBN, the newly appointed executives are to assume their roles with immediate effect.

They are:

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

Polaris Bank
Lawal Mudathir Omokayode Akintola – Managing Director/Chief Executive Officer
Chris Onyeka Ofikulu – Executive Director

Earlier, the CBN had dissolved the Board and Management of Union Bank, Keystone Bank, and Polaris Bank on Wednesday.

An earlier statement by CBN’s Acting Director of Corporate Communications, Sidi Hakama, stated that “this action became necessary due to the non-compliance of these banks and their respective boards with the provisions of Section 12(c), (f), (g), (h) of Banks and Other Financial Institutions Act, 2020.”

The statement explained that, “the Bank’s infractions vary from regulatory non-compliance, corporate governance failure, disregarding the conditions under which their licenses were granted, and involvement in activities that pose a threat to financial stability, among others.”

The CBN, however, assured the public of the safety and security of depositors’ funds.

It said it remained resolute in fulfilling its mandate to uphold a safe, sound, and robust financial system in Nigeria.

The boards of directors and chief executives of the banks were invited to a meeting on Wednesday, January 10 where they were addressed for 30 minutes each by the apex bank’s Deputy Governor in charge of Financial System Stability, Phillip Ikeazor.

Three other governors formed the panel that addressed the bank executives. They include the Deputy Governor in charge of Operations, Emem Usoro, the Deputy Governor in charge of Economic Policy, Muhammad Abdullahi and the Deputy Governor in charge of Corporate Services, Bala Bello.

The panel listed issues of non-compliance and other infractions committed by the affected banks and then formally sacked the boards.

This followed the recent report of the Special Investigator on Central Bank of Nigeria (CBN) and Related entities, Jim Obazee.

Earlier, the special investigator appointed by President Bola Tinubu, invited the investors in Titan Trust Bank, but they reportedly refused to honour the invitation to a meeting with the Special Investigator.