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January 11, 2024
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CBN appoints new executives after dissolving boards of Union, keystone, Polaris banks

The Central Bank of Nigeria (CBN) has swiftly responded to the dissolution of the boards of Union, Keystone, and Polaris Banks by appointing new executive directors to oversee the affairs of these deposit money banks. The appointments, effective immediately, come after the apex bank cited various infractions such as regulatory non-compliance, corporate governance failures, and threats to financial stability, among other serious infringements.

In a statement released on Thursday morning and signed by the acting Director of Corporate Communications, Sidi Hakama, the CBN announced the following key appointments:

Union Bank:

  • CEO: Yetunde Oni, the first female CEO of Standard Chartered Bank in Sierra Leone.
  • Executive Director: Mannir Ubali Ringim.

Keystone Bank:

  • CEO: Hassan Imam.
  • Executive Director: Chioma A. Mang.

Polaris Bank:

  • CEO: Lawal Mudathir Omokayode Akintola.
  • Executive Director: Chris Onyeka Ofikulu.

The CBN’s decision to dissolve the boards on Wednesday night was fueled by multiple infractions that ranged from regulatory non-compliance to corporate governance lapses, disregarding license conditions, and involvement in activities threatening financial stability. The move was in line with the regulatory powers granted to the CBN and aimed at enforcing adherence to the provisions of the Financial Institutions Act, 2020.

The action followed the recommendations of Special Investigator Jim Obazee, appointed by President Bola Tinubu in July 2023, to probe the activities of the CBN and other relevant establishments. The CBN’s decisive response emphasizes its commitment to maintaining financial stability, regulatory compliance, and good governance within the banking sector.

The newly appointed executives are expected to bring their wealth of experience to bear in steering the affected banks towards adherence to regulatory standards and ensuring a robust financial environment in line with established laws and regulations.

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