…action follows dissolution of banks’ boards
Nigeria’s apex bank, the Central Bank of Nigeria, CBN, has appointed new chief executive officers for Union Bank, Keystone Bank, and Polaris Bank.
The announcement of new CEOs for the aforementioned banks followed the dissolution of their erstwhile boards which the CBN accused of many infractions that posed threat to financial system stability. Their appointments took immediate effect.
“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,” CBN announced on January 10, 2024.
According to the new release, Yetunde Oni is to act as the new Managing Director/Chief Executive Officer of Union Bank of Nigeria. Oni holds a degree in Economics from the University of Ibadan, an MBA in Business Administration from Bangor University, and also attended an executive training at the University of Oxford.
Mannir Ubali Ringim is to act as an Executive Director for Union Bank.
The CBN also named Hassan Imam as the new Managing Director/ Chief Executive Officer of Keystone Bank while Chioma Mang is to act as an Executive Director.
Before the latest appointment, Imam was the executive director for the northern region at Fidelity Bank where he was responsible for the bank’s commercial, SME, consumer, and public sector business across the 19 states in the north as well as the Federal Capital Territory, Abuja.
For Polaris Bank, the new managing director/chief executive officer is Lawal Mudathir Omokayode Akintola. He is to be assisted by Chris Onyeka Ofikulu who will act as an executive director of the bank.
Akintola, until his recent appointment was at the Lagos-based Intermediate Equity Partners Limited, which was incorporated in 2008 and is into financial consultancy.
“This 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 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 said yesterday concerning the dissolution of the boards of the aforementioned banks.
