CBN Appoints New Executives For Union, Keystone, Polaris Banks

A national asset, CBN Headquarters, Abuja

The Central Bank of Nigeria has appointed a new board of directors governing Polaris, Union, and Keystone banks.

This comes hours after the apex bank dissolved the boards of these banks.

CBN announced the changes in a statement issued by its acting Director of Corporate Communications, Sidi Hakama, on Thursday, saying the appointments takes immediate effect.

According to the statement, Yetunde Oni, the first female CEO of the Standard Chartered bank in Sierra Leone, was appointed as the Chief Executive Officer of Union Bank, while Mannir Ubali Ringim was selected as the Executive Director of the tier-2 bank.

For Keystone Bank, Hassan Imam was appointed as its Chief Executive Officer, while Chioma Mang got the position of Executive Director.

Also, the bank appointed Lawal Mudathir Omokayode Akintola as the Chief Executive Officer of Polaris Bank and Chris Ofikulu as its Executive Director.

The statement read in part: “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.

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

“The appointments take immediate effect,” the statement further read.

Recall that on Wednesday night, the apex bank sacked the entire board of four banks for infringements of financial laws.

CBN listed that these banks’ infractions to include 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.

Based on this failings of the banks, CBN exercised its regulatory powers, with the dissolution of the boards to uphold the provisions of the Financial Institutions Act, 2020.

CBN’s intervention followed the recommendation of the Special Investigator, Jim Obazee, appointed by President Bola Tinubu in July 2023, to probe the activities of the CBN and other relevant establishments.

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