Following the dissolution of the board and management of Union Bank, Keystone Bank and Polaris Bank on Wednesday the Central Bank of Nigeria (CBN) has appointed new executives to oversee the affairs of the banks.
The appointment takes immediate effect from January 10, 2024.
Topsociety had earlier reported that CBN dissolved the board and management of the three (3) banks.
According to a statement released through it Ag. Director, Corporate Communications, Mrs Sidi Ali, Hakama reads that the action became necessary due to the non-compliance of these banks and their respective boards with provisions of section 12(c), (f), (g), (h) of banks and other financial institutions Act, 2020.
Hence, the bank’s infractions vary from regulatory non-compliance, corporate governance failure, disregarding the conditions under which their license were granted, and involvement in activities that pose a threat to financial stability among others.
The new board and executives are Managing Director/Chief Executive Officer Union Bank – Yetunde Oni, and Executive Director Union Bank – Mannir Ubali Ringin.
Managing Director/Chief Executive Officer Keystone Bank – Hassan Imam, and Executive Director Keystone Bank – Chioma A. Mang.
Also, Managing Director/Chief Executive Officer Polaris Bank – Lawal Mudathir Omokayode Akintola, and Executive Director Polaris Bank – Chris Onyeka Ofikulu respectively.
As a result, CBN assures the public of 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 remains strong and resilient.