CBN Appoints New Executives for Union, Keystone, and Polaris Banks Following Board Dissolution
In a swift move, the Central Bank of Nigeria (CBN) has announced the appointment of new executive directors to oversee Union, Keystone, and Polaris banks after dissolving their boards.
The CBN, in a statement by acting Director of Corporate Communications Sidi Hakama on Thursday morning, revealed the immediate appointment of Yetunde Oni as CEO of Union Bank and Mannir Ubali Ringim as its Executive Director. For Keystone Bank, Hassan Imam takes the helm as CEO, with Chioma Mang as the Executive Director. Additionally, Lawal Mudathir Omokayode Akintola becomes the CEO of Polaris Bank, accompanied by Chris Ofikulu as Executive Director.
This decision follows the CBN's Wednesday night dismissal of the entire boards of these banks for various infractions, including regulatory non-compliance and corporate governance failure. The move is a result of the banks' failure to adhere to the provisions of the Financial Institutions Act, 2020, and other regulatory lapses.
The CBN's action stems from a special investigation initiated by President Bola Tinubu in July 2023, accusing the former Governor of the apex bank, Godwin Emefiele, of acquiring banks through proxies. The investigation reported that Emefiele allegedly used proxies to acquire Union Bank of Nigeria for Titan Trust Bank Limited and Keystone Bank, without any evidence of payment.
The new appointments are set to take immediate effect, marking a significant shift in leadership for these financial institutions.
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