The Central Bank of Nigeria, CBN, has appointed new executives to oversee the affairs of Union, Keystone, and Polaris Banks.
This followed the dissolution of the board and management of the banks by the apex bank.
In a statement, CBN’s Acting Director, Corporate Communications, Mrs. Hakama Sidi-Ali, stated that Olayemi Cardoso, governor of the CBN, approved the new executives to oversee the affairs of the three banks.
“The appointments take immediate effect,” Sidi-Ali said.
She said that following the submission of the report by the special investigator panel looking into the CBN, the decision was made to remove the three banks’ boards and management and appoint new ones.
Sidi-Ali went on to say that the dissolution was brought about by the three banks’ and their respective boards’ failure to abide by the terms of the Banks and Other Financial Institutions Act, 2020.
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She claims that, the banks’ violations ranged from corporate governance failure to regulatory non-compliance and disobedience of the terms of their licenses.
She said, the affected banks’ managements also engaged in actions that endangered the stability of the financial system.
In its report to President Bola Tinubu, the panel led by Jim Obazee recommended forfeiture of the affected banks to the Federal Government.
Below are the newly appointed executives
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
