Following the sack of the Board and Management of Union Bank, Keystone
Bank and Polaris Bank, the Central Bank of Nigeria, (CBN), has appointed new executives to oversee the affairs of the banks.
The CBN disclosed this through a statement signed by Sidi Ali, Hakama (Mrs.), Ag. Director, Corporate Communications and made available to BusinessTodayNG that in the case of Union Bank, the apex regulator appointed Yetunde Oni as it’s new Managing Director/Chief Executive Officer; Mannir Ubali Ringim, as Executive Director.
The statement added that Hassan Imam was appointed as Keystone bank Managing Director/ Chief Executive Officer and Chioma A. Mang, as Executive Director.
Also, the bank appointed Lawal Mudathir Omokayode Akintola as Managing Director/ Chief Executive Officer of Polaris Bank while Chris Onyeka Ofikulu is now the Executive Director
The appointments according to CBN take immediate effect.
The CBN yesterday dissolved the Board and Management of the above banks
The apex bank disclosed this in a statement signed by its Sidi Ali, Hakama (Mrs.), Ag. Director, Corporate Communications, that the action became necessary due to the non-compliance of these banks and their respective boards with the provisions of Section 12(c), (f), (g), (h) of Banks and Other Financial Institutions Act, 2020.
The statement added that “The Bank’s infractions vary from regulatory non-compliance, corporate governance failure, disregarding the conditions under which their licenses were granted, and involvement in activities that pose a threat to financial stability, among others.”
CBN however assured the public of the safety and security of depositors’ funds and remains resolute in fulfilling its mandate to uphold a safe, sound, and robust financial system in Nigeria. Our Banking system remains strong and resilient.
The CBN had 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 posed a threat to financial stability, among others.
Hence, the apex bank, in the exercise of its regulatory powers, 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.
