The Central Bank of Nigeria (CBN) appointed new executive directors to oversee the affairs of Polaris, Union, and Keystone banks. This came a few hours after the board of directors governing the banks was dissolved.
In a statement signed by the acting Director of Corporate Communications, Sidi Hakama, released on Thursday morning, the apex bank said the appointment takes immediate effect.
According to the statement, Yetunde Oni, the first female CEO of the Standard Chartered bank in Sierra Leone, was appointed as the Chief Executive Officer of Union Bank. At the same time, Mannir Ubali Ringim was selected as the Executive Director of the tier-2 bank.
For Keystone Bank, Hassan Imam was appointed as its Chief Executive Officer, while Chioma Mang became 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 read, “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.
On Wednesday night, the apex bank sacked the entire board of four banks for grievous financial law violations.
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 threatened financial stability.
Hence, in the exercise of its regulatory powers, the apex bank 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 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.
