In swift action following the dissolution of the boards of Polaris, Union, and Keystone banks, the Central Bank of Nigeria (CBN) has appointed new executive directors to oversee the operations of these deposit money banks.
The appointments, effective immediately, were announced in a statement signed by Sidi Hakama, the acting Director of Corporate Communications at the CBN.
The newly appointed executives are as follows:
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
READ ALSO: Nigeria customs service revenue hits N3.2 trillion in 2023 – Comptroller General Adeniyi
These appointments come after the CBN dissolved the boards of the aforementioned banks, citing various infractions such as regulatory non-compliance, corporate governance failure, and activities posing a threat to financial stability.
The move follows the recommendations 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.
Among the accusations made in the investigative report was the claim that the immediate past Governor of the CBN, Godwin Emefiele, used proxies to acquire Union Bank of Nigeria for Titan Trust Bank Limited and Keystone Bank without any evidence of payment.
The CBN deemed the dissolution of the boards necessary due to non-compliance with the provisions of the Financial Institutions Act, 2020.
