The Central Bank of Nigeria has appointed new executives for Union Bank, Polaris Bank and Keystone Bank.
This follows the dissolution of the Board and Management of the three banks on Wednesday, January 10.
The action, according to the CBN, 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 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 infractions were laid bare by a recent report of the Special Investigator on Central Bank of Nigeria (CBN) and Related entities, Jim Obazee.
In a fresh statement signed by its Acting Director of Corporate Communications, Sidi Hakama, on Wednesday night, the apex bank said the new appointments take immediate effect.
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”
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