CBN appoints new executives for Union Bank, others
By Abimbola Mohammed
The Central Bank of Nigeria (CBN) has appointed new executives for Union Bank, Keystone Bank, and Polaris Bank following the dissolution of board members and management of the banks on Wednesday.
The new appointees are Yetunde Oni, Managing Director/Chief Executive Officer, Union Bank and Mannir Ubali Ringim as Executive Director, Union Bank; while Hassan Iman was appointed as Managing Director/ Chief Executive Officer and Chioma A. Mang as Executive Director Keystone Bank. Others are Lawal Mudathir Omokayode Akintola, Managing Director/Chief Executive Officer and Chris Onyeka Ofikulu as Executive Director, Polaris Bank.
According to a statement issued by Mrs. Sidi Ali Hakama, Ag. Director, Corporate Communication, CBN, the apex bank appointed the new executives to oversee the affairs of the banks.
The statement read: “Following the dissolution of these board members and management of these banks on Wednesday, January 10, the CBN has appointed executives to oversee the affairs of the bank.”
The statement also added that all new appointments are to take effect immediately.
The CBN dissolved the boards of Union Bank, Keystone Bank and Polaris Bank on Wednesday due to non-compliance with banking regulations. The boards were dissolved shortly after a meeting with the leadership of CBN in Abuja.
Below are the official statements from the CBN on the action.
CBN DISSOLVES the Board and Management of Union Bank, Keystone Bank and Polaris Bank
“The Central Bank of Nigeria (CBN) has dissolved the Board and Management of Union Bank, Keystone Bank, and Polaris Bank.
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.
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.”
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