CBN appoints new executives to lead Union, Keystone, Polaris banks

Business a.m

The Central Bank of Nigeria (CBN) has taken the unprecedented step of dissolving the boards of directors of three major deposit money banks (DMBs) and appointing new executive directors to manage their operations. This development came only a few hours after the CBN announced its decision to dissolve the boards of Polaris, Union, and Keystone banks, citing “corporate governance infractions” as the reason for the move. 

The CBN, in a statement issued on Thursday morning, said that the appointment of new executive directors for Polaris, Union, and Keystone banks is effective immediately. The statement was signed by  Sidi Hakama, the Acting director of corporate communications via the CBN’s official website.

According to the CBN’s statement, Yetunde Oni, who was the first female CEO of Standard Chartered Bank in Sierra Leone, has been appointed as the new CEO of Union Bank. Meanwhile, Mannir Ubali Ringim has been appointed as the new Executive Director of the same bank.

Meanwhile, Hassan Imam has been appointed as the new CEO of Keystone Bank, while Chioma Mang has been named as its new executive director. In addition, Lawal Mudathir Omokayode Akintola and Chris Ofikulu have been appointed as the new CEO and executive director, respectively, of Polaris Bank. 

The CBN statement partly read, “Following the dissolution of the Board and Management of Union Bank, Keystone Bank and Polaris Bank on Wednesday, January 10, the CBN has appointed new executives to oversee the affairs of the banks;

“Union Bank: Yetunde Oni – Managing Director/Chief Executive Officer Mannir Ubali Ringim – Executive Director

“Keystone Bank: Hassan Imam – Managing Director/ Chief Executive Officer Chioma A. Mang – Executive Director

“Polaris Bank: Lawal Mudathir Omokayode Akintola – Managing Director/ Chief Executive Officer Chris Onyeka Ofikulu – Executive Director.”

Prior to the development, the CBN had on Wednesday night, announced that it had sacked the entire board of directors of four banks for serious violations of financial laws and regulations. The CBN said that the banks had violated a range of regulations, including those related to corporate governance, licensing conditions, and activities that could threaten financial stability. 

The apex bank explained that the dissolution of the boards of directors of the four banks was necessary due to their non-compliance with the provisions of the Financial Institutions Act, 2020. 

The decision to sack the boards of these banks followed the recommendation of a special investigator appointed by President Bola Tinubu in July 2023 to probe the activities of the CBN and other relevant institutions. The special investigator, Jim Obazee, found that Godwin Emefiele, the former Governor of the CBN,  had allegedly acquired banks for himself through proxies, in violation of the Financial Institutions Act. The report of the special investigation alleged that Emefiele had used proxies to acquire Union Bank of Nigeria and Keystone Bank, without any evidence of payment.