JUST IN: New CEOs, EDs Appointed For Union, Keystone, Polaris Banks By CBN

The Central Bank of Nigeria, CBN, has appointed new executives to oversee the affairs of Union, Keystone, and Polaris banks – few hours after dissolving the board of directors of the lenders.

The apex bank, in a statement signed by the acting Director of Corporate Communications, Sidi Hakama, released on Thursday morning, said the appointment takes immediate effect.

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 and Mannir Ubali Ringim – Executive Director

“Keystone Bank: Hassan Imam – Managing Director/ Chief Executive Officer and Chioma A. Mang – Executive Director

“Polaris Bank: Lawal Mudathir Omokayode Akintola – Managing Director/ Chief Executive Officer and Chris Onyeka Ofikulu – Executive Director

“The appointments take immediate effect,” the statement added.

Recall that on Wednesday night, the apex bank sacked the entire board of the three DMBs citing “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.”

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.

The report of the special investigation into the activities of the CBN had accused the immediate past Governor of the apex bank, Godwin Emefiele, of acquiring banks for himself through proxies.

The report stated that Emefiele used proxies to acquire Union Bank of Nigeria for Titan Trust Bank Limited and Keystone Bank without any evidence of payment.