Breaking: CBN names new executives to lead Polaris, Keystone, and Union banks.
The Central Bank of Nigeria has named new executive directors to manage the operations of the deposit money banks, shortly after the board of directors of Polaris, Union, and Keystone banks was dissolved.
The appointment is effective immediately, the apex bank stated in a statement released this morning that was signed by Sidi Hakama, acting director of corporate communications.
The statement states that Mannir Ubali Ringim was chosen to be the Executive Director of the tier-2 bank, and Yetunde Oni, the first female CEO of the Standard Chartered bank in Sierra Leone, was named Chief Executive Officer of Union Bank.
According to The PUNCH, Hassan Imam was named Chief Executive Officer of Keystone Bank and Chioma Mang was named 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 CBN statement reads, “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 added.
Recall that yesterday night, the apex bank sacked the entire board of four banks for grievous infringements of financial laws. 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 action 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.
The report stated that Emefiele used proxies to acquire Union Bank of Nigeria for Titan Trust Bank Limited and Keystone Bank without any evidence of payment.
