The Central Bank of Nigeria (CBN) has taken decisive action by appointing fresh executives to spearhead Union Bank, Keystone Bank, and Polaris Bank, as revealed in a statement signed by Sidi Ali Hakama, the acting Director of Corporate Communications, on Wednesday.
This strategic move follows the dissolution of the boards and management teams of the three financial institutions, with immediate effect. The newly appointed executives are entrusted with overseeing the operations and strategic directions of their respective banks.
Yetunde Oni has been named as the Managing Director/Chief Executive Officer of Union Bank, with Mannir Ubali Ringim assuming the role of Executive Director. Meanwhile, Hassan Imam has been appointed as the Chief Executive Officer of Keystone Bank, with Chioma Mang taking on the position of Executive Director.
Polaris Bank will be led by Lawal Mudathir Omokayode Akintola as the Managing Director/Chief Executive Officer, and Chris Onyeka Ofikulu as the Executive Director.
In a statement, the CBN emphasized, “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 decision to dissolve the boards and management of the three banks was attributed to non-compliance with the provisions of Section 12(c), (f), (g), (h) of Banks and Other Financial Institutions Act, 2020. The CBN asserted that the banks engaged in activities jeopardizing financial stability. The regulatory body assured depositors that their funds in the affected banks remain secure and unaffected by the changes.
