CBN appoints new executives for Union, Keystone, Polaris Banks

The Central Bank of Nigeria (CBN) has announced new executives to oversee the affairs of Union Bank, Keystone Bank, and Polaris Bank, following the dissolution of the Boards and management of the three banks earlier on Wednesday by the apex bank.

According to a statement by CBN Acting Director, Corporate Communications, Mrs. Sidi Ali Hakama, Yetunde Oni was named as Managing Director/Chief Executive Officer of Union Bank while Mannir Ubali Ringin was appointed as Executive Director.

Hassan Imam was appointed as the Managing Director/ Chief Executive Officer of Keystone Bank. The Apex Bank also announced Chioma A Mang as Executive Director.

For Polaris Bank, CBN appointed Lawal Mudathir Akintola as Managing Director/Chief Executive Officer while Chirs Onyeka Ofikulu was named Executive Director.

The statement said the appointments take immediate effect.

It was gathered that the Boards of Directors and Chief executives of the respective banks were invited to a meeting that started at about 1 pm on Wednesday where they were addressed for 30 minutes each by the apex bank’s Deputy Governor of Financial System Stability, Phillip Ikeazor, alongside three other Deputy Governors, Emem Usoro, Muhammad Dattijo, and Bala Bello.

A statement later issued by the CBN said the dissolution became necessary due to the non-compliance of the three banks and their respective boards with the provisions of the Banks and Other Financial Institutions Act, 2020.

The statement said the infractions varied from regulatory non-compliance, corporate governance failure, and disregarding the conditions under which their licenses were granted.

CBN also said that the management of the affected banks also got involved in activities that posed a threat to financial stability.

“The CBN assures the public of the safety and security of depositors’ funds and remains resolute in fulfilling its mandate to uphold a safe, sound, and robust financial system in Nigeria”. The statement assured.