The Central Bank of Nigeria (CBN), on Wednesday, announced the appointment of new executives to oversee the affairs of the three banks shortly after disbanding the Board and Management of Union, Keystone, and Polaris Banks respectively.
In a statement by its spokesperson, Sidi Hakama, the apex bank revealed Yetunde Oni as the new Managing Director and Chief Executive Officer of Union Bank, while Mannir Ringim was appointed as the bank’s Executive Director.
Hassan Imam now assumes the role of Managing Director and Chief Executive Officer at Keystone Bank, with Chioma Mang appointed as the Executive Director.
For Polaris Bank, Lawal Akintola was designated as the Managing Director and Chief Executive Officer, accompanied by Chris Ofikulu as the Executive Director.
The apex bank emphasised that these appointments take immediate effect, following the removal of the boards of the three banks.
The CBN justified its action, citing 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 regulatory authority further specified that the banks’ infractions varied from “regulatory non-compliance, corporate governance failure, disregarding the conditions under which their licenses were granted, and involvement in activities that threaten financial stability, among others”.
