CBN appoints executives for Union, Keystone and Polaris banks

The Central Bank of Nigeria has announced a new appointment of executive officers for Union Bank, Keystone Bank, and Polaris banks.

The acting Director of Corporate Communications, Sidi Hakama, affirmed this in a statement made available to the press on Thursday morning, saying that the appointment takes immediate effect.

The CBN in a terse statement on Wednesday announced the dissolution of the boards and management of Union, Keystone and Polaris Banks.

The central bank said the action became necessary due to the non-compliance of the aforementioned banks and their respective boards with the provisions of Section 12(c), (f), (g), (h) of Banks and Other Financial Institutions Act (BOFIA) 2020., suggesting threat to financial stability of the system.

The apex bank was however silent on the recommendation by the Special Investigator, Jim Obazee appointed by President Bola Ahmed Tinubu to probe CBN, under the former Central Bank Governor, Godwin Emefiele, that the banks be forfeited to the federal government.

As outlined in the official statement, Yetunde Oni, who previously held the position of the first female CEO at Standard Chartered Bank in Sierra Leone, has been named the Chief Executive Officer of Union Bank.

Additionally, Mannir Ubali Ringim has been designated as the Executive Director of the Tier-2 bank.

In the case of Keystone Bank, the appointment of Hassan Imam as its Chief Executive Officer has been confirmed, alongside the selection of Chioma Mang for the position of Executive Director.

Furthermore, Lawal Mudathir Omokayode Akintola has been named the Chief Executive Officer of Polaris Bank, and Chris Ofikulu has been appointed 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.

Culled from IR