January 11, (THEWILL) – The Central Bank of Nigeria (CBN) has announced new executives for Union Bank Limited, Keystone Bank Limited and Polaris Bank Limited.
The CBN, on Wednesday, January 10, 2024, revealed that the appointments followed the dissolution of the Board and Management of the said banks as announced by the apex bank earlier in the day.
In a statement signed by its Acting Director, Corporate Communications, Mrs Hakama Sidi-Ali, the CBN announced the following as the new executives of the banks:
Yetunde Oni is now the Managing Director/Chief Executive Officer of Union Bank, while Mannir Ubali Ringim is the Executive Director.
The affairs of Keystone Bank will be overseen by Hassan Imam as Managing Director/Chief Executive Officer, with Chioma A. Mang as the Executive Director.
Polaris Bank management team will be led by Lawal Mudathir Omokayode Akintola and Chris Onyeka Ofikulu as Managing Director/Chief Executive Officer and Executive Director, respectively.
According to the CBN, the appointments take immediate effect.
The CBN had, on Wednesday, announced the dissolution of the Board and Management of Union Bank, Keystone Bank and Polaris Bank.
The apex bank said 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 Banks’ 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 had assured the public of the safety and security of depositors’ funds and that it remains resolute in fulfilling its mandate to uphold a safe, sound, and robust financial system in Nigeria.
Sam Diala is a Bloomberg Certified Financial Journalist with over a decade of experience in reporting Business and Economy. He is Business Editor at THEWILL Newspaper, and believes that work, not wishes, creates wealth.
