CBN appoints new CEOs, directors for Union, Keystone, Polaris banks

Few hours after dissolving the Board of Directors and the Management of Union Bank, Keystone, and Polaris banks, the Central Bank of Nigeria (CBN), has appointed new chief executives to pilot the affairs of these financial institutions.

In a statement by Mrs Sidi Ali, Hakama, the acting director of Corporate Communication of CBN, on the apex bank’s verified X handle @cenbank on Thursday morning disclosed that the newly appointed executives are to assume their roles with immediate effect.

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

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

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

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

It would be recalled that on Wednesday night, the apex bank sacked the entire board of four banks for grievous infringements of financial laws.

READ ALSO:CBN sacks boards of Titan Trust, Union Bank, two others

It said the banks’ infractions vary 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.

Hence, the apex bank, 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.

This development 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.

The report of the special investigation into the activities of the CBN had accused the immediate past Governor of the apex bank, Godwin Emefiele, of acquiring banks for himself through proxies.

Obaze and his investigators believe the funds used in acquiring Union Bank could have come from sacked embattled governor Godwin Emefiele.

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