CBN Appoints New Leadership for Union, Keystone, Polaris Banks (Full list)

In a swift move following the dissolution of the boards of Polaris, Union, and Keystone banks, the Central Bank of Nigeria (CBN) has appointed new executives to take charge of these financial institutions.

CBN Governor, Dr. Olayemi Cardoso, announced the appointments in a statement signed by the acting Director of Corporate Communications, Sidi Hakama, on Thursday morning. The changes are effective immediately.

Yetunde Oni, the inaugural female CEO of Standard Chartered Bank in Sierra Leone, assumes the role of Chief Executive Officer at Union Bank, with Mannir Ubali Ringim selected as the Executive Director.

For Keystone Bank, Hassan Imam steps in as the Chief Executive Officer, and Chioma Mang takes on the position of Executive Director.

Polaris Bank sees Lawal Mudathir Omokayode Akintola appointed as the Chief Executive Officer, and Chris Ofikulu as the Executive Director.

The CBN, in its statement, highlighted that these appointments come on the heels of the dissolution of the boards and management of the mentioned banks on January 10. The regulatory action was taken due to various infractions, including regulatory non-compliance, corporate governance lapses, and activities threatening financial stability.

This regulatory move follows a thorough investigation led by Special Investigator Jim Obazee, appointed by President Bola Tinubu in July 2023. The report accused the former CBN Governor, Godwin Emefiele, of acquiring banks through proxies, specifically citing Union Bank’s acquisition by Titan Trust Bank Limited and Keystone Bank without evidence of payment.

The CBN justified the board dissolutions by emphasizing non-compliance with the provisions of the Financial Institutions Act, 2020, reinforcing its commitment to maintaining regulatory integrity in the nation’s financial sector.