Emmanuel OchayiThe Central Bank of Nigeria (CBN) has appointed new executive officers for Union Bank, Keystone Bank, and Polaris Bank following the dissolution of the respective boards of the banks over non-compliance with regulations guiding the financial industry.
CBN’s acting director of Corporate Communication, Sidi-Ali Hakama, who made this known in a statement released on Wednesday, 10 January 2024, said the appointments take immediate effect.
READ ALSO: CBN Dissolves Union, Keystone, Polaris Banks’ Boards, Assures Safety Of Depositors’ Funds
Hakama stated: “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 bank,” revealing key figures for each institution.
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. Many — Executive Director
Polaris Bank
Lawal Mudathir Omokayode Akintola — Managing Director/Chief Executive Officer
Chris Onyeka Ofikulu — Executive Director
The CBN’s decision to dissolve the boards earlier was rooted in concerns over regulatory non-compliance, corporate governance failures, and activities threatening financial stability.
Mrs. Sidi Ali Hakama, the Acting Director of Corporate Communications at the CBN, justified the move, stating, “This action became necessary due to the non-compliance of these banks and their respective boards.”
It reveals a complex scenario, involving the Special CBN Investigator summoning Titan Trust Bank’s chairman, Babatunde Lemo, for questioning regarding Titan Trust Bank’s acquisition of Union Bank.
Allegations of proxies and financial irregularities have added layers to the unfolding drama, creating a ripple effect within the Nigerian banking sector.
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