The Central Bank of Nigeria has appointed new executives for Union Bank, Polaris Bank, and Keystone Bank.
This decision was made after the dissolution of the Board and Management of the three banks on Wednesday, January 10.
The CBN took this action because the banks and their respective boards did not comply with the provisions of Section 12(c), (f), (g), (h) of the Banks and Other Financial Institutions Act, 2020.
The banks’ infractions include regulatory non-compliance, failure in corporate governance, disregarding the conditions of their licenses, and engaging in activities that threaten financial stability.
These infractions were revealed in a recent report by the Special Investigator on the Central Bank of Nigeria and Related entities, Jim Obazee.
The new appointments are effective immediately, as stated in a statement released by the CBN’s Acting Director of Corporate Communications, Sidi Hakama, on Wednesday night.
It reads, 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”
