The Central Bank of Nigeria has announced the appointment of new executives for Union Bank, Keystone Bank, and Polaris Bank.
The decision comes after the dissolution of the board and management teams of these financial institutions.
The appointments, effective immediately, were disclosed in a statement signed by the CBN’s acting Director of Corporate Communications, Sidi Ali Hakama.
The appointees will now oversee the operations of the respective banks.
Union Bank Appointments:
Yetunde Oni: Managing Director/Chief Executive Officer
Mannir Ubali Ringim: Executive Director
Keystone Bank Appointments:
Hassan Imam: Managing Director/Chief Executive Officer
Chioma A. Mang: Executive Director
Polaris Bank Appointments:
Lawal Mudathir Omokayode Akintola: Managing Director/Chief Executive Officer
Chris Onyeka Ofikulu: Executive Director
The decision to dissolve the boards and management teams was attributed to non-compliance with Sections 12(c), (f), (g), (h) of the Banks and Other Financial Institutions Act, 2020. The CBN emphasized that the actions of these banks posed a threat to financial stability.
Despite the changes, the CBN assured depositors that their funds in the affected banks remain secure and unaffected by this decision.
