Just In: CBN appoints new CEOs for Union, Keystone, Polaris Banks

Ayorinde Oluokun/Abuja

The Central Bank of Nigeria, CBN appointed new chief executives and directors for Union, Keystone and Polaris banks few hours after it sacked the helmsman at the three financial institutions,

The new chief executives for the three banks were announced in a statement issued in the early hours of Thursday by the CBN Acting Director of Corporate Communications, Hakama Sidi-Ali.

“This move to reinstate leadership in the affected banks demonstrates the CBN’s prioritisation of maintaining confidence and stability in the financial system,” CBN said in the statement.

According to the statement, Yetunde Oni is the new Union Bank’s Managing Director/Chief Executive Officer while Mannir Ubali Ringim as Executive Director.

For the Keystone Bank, the CBN appointed Hassa Imam as Managing Director/Chief Executive Officer and Chioma A. Many as its Executive Director

Also for Polaris Bank, the new Managing Director/Chief Executive Officer is Lawal Mudathir Omokayode Akintola while Chris Onyeka Ofikulu was appointed as the Executive Director.

“The appointments take immediate effect,” Ms. Sidi-Ali said.

The CBN had on Wednesday evening announced the dissolution of the boards and management of Union Bank, Keystone Bank, and Polaris Bank in a statement in Abuja.

According to Sidi-Ali, the action became necessary due to the non-compliance of the three banks and their respective boards with the provisions of the Banks and Other Financial Institutions Act, 2020.

She said that the banks’ infractions varied from regulatory non-compliance, corporate governance failure, and disregarding the conditions under which their licenses were granted.

She said that the management of the affected banks also got involved in activities that posed a threat to financial stability.

“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,” she said.