CBN appoints new executives for Union, Keystone, Polaris 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, according to a statement issued by the apex bank on Thursday morning and 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.
Hassan Imam was named Chief Executive Officer of Keystone Bank, and Chioma Mang was named Executive Director.
Additionally, the bank named Chris Ofikulu as Executive Director and Lawal Mudathir Omokayode Akintola as Chief Executive Officer of Polaris Bank.
"The CBN has appointed new executives to oversee the affairs of the banks following the dissolution of the Board and Management of Union Bank, Keystone Bank, and Polaris Bank on Wednesday, January 10," the statement from the CBN stated.
"Union Bank: Chief Executive Officer/Managing Director: Yetunde Oni Mannir Ubali Ringim, Director of Operations
Hassan Imam is the managing director and chief executive officer of Keystone Bank. Chioma A. Mang, Director of Operations
"Polaris Bank: Chief Executive Officer/Managing Director Lawal Mudathir Omokayode Akintola Executive Director Chris Onyeka Ofikulu
The statement also stated that the appointments are effective immediately.
Remember that the apex bank fired all four banks' board members on Wednesday night for serious violations of financial laws.
According to the statement, the banks' transgressions range from failing to comply with regulations, to failing to practice good corporate governance, to disobeying the terms of their licences, and engaging in activities that could jeopardise the stability of the financial system.
Therefore, the apex bank claimed that the banks' and their respective boards' noncompliance with the provisions of the Financial Institutions Act, 2020 was the reason for the dissolution of the boards in the exercise of its regulatory powers.
This decision was made in response to the Special Investigator Jim Obazee's recommendation. President Bola Tinubu appointed Obazee in July 2023 to look into the CBN's and other pertinent establishments' operations.
The immediate former governor of the apex bank, Godwin Emefiele, was charged in the report of the special investigation into the CBN's operations with using proxies to acquire banks for himself.
According to the report, Emefiele acquired Union Bank of Nigeria for Titan Trust Bank Limited and Keystone Bank through proxies without providing any proof of payment.
