CBN Appoints New MDs For Union, Keystone, Polaris Banks

Following the dissolution of the Board and Management of Union Bank, Keystone Bank and Polaris Bank on Wednesday, January 10, the Central Bank of Nigeria (CBN) has appointed new executives to oversee the affairs of the banks.

LEADERSHIP reports that the apex Bank, in exercise of its regulatory power, dissolved the Board and Management of Polaris Bank, Union Bank and Keystone Bank for violation of some sections of the Banks and Other Financial Institutions Act (BOFIA) 2020.

The new appointees are Yetunde Oni – Managing Director/Chief Executive Officer, Union Bank, with Mannir Ubali Ringim as Executive Director; Hassan Imam – Managing Director/Chief Executive Officer, Keystone Bank, with Chioma A. Mang as Executive Director, while Polaris Bank has Lawal Mudathir Omokayode Akintola as Managing Director/Chief Executive Officer, with
Chris Onyeka Ofikulu as Executive Directo.

CBN’s acting director, Corporate Communications, Mrs Hakama Sidi-Ali, in a statement late Wednesday, said the new appointments take immediate effect.

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The apex bank had said the decision to dissolve the previous board of the affected banks became necessary due to the non-compliance of affected three banks and their respective boards with the provisions of Section 12(c), (f), (g), (h) of Banks and Other Financial Institutions Act, 2020.

“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.

“The CBN assures 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 spokesperson of the apex bank stated.