Following the dissolution of the board and management of Keystone, Polaris and Union banks on Wednesday, January 10, the Central Bank of Nigeria (CBN) has appointed new executives for the lenders.
Yetunde Oni is the new Managing Director/Chief Executive Officer (CEO) of Union Bank while Mannir Ringim is the new Executive Director of the bank.
Hassan Imam had been appointed as the new Managing Director/ CEO of Keystone Bank, while Chioma Mang is the new Executive Director.
Lawal Akintola was also appointed as Managing Director/ CEO of Polaris Bank, and Chris Ofikulu is Executive Director.
CBN’s Acting Director, Corporate Communications Department, Mrs. Hakama Sidi-Ali, in a statement, stated that the new executives are to oversee the affairs of the three banks.
“The appointments take immediate effect,” Sidi-Ali said.
CBN sacks Union, Keystone, Polaris banks boards, MDs, EDs
The decision to dissolve the board and management of the three banks and appoint new ones comes after the special investigator panel probing the CBN turned in its report.
According to Sidi-Ali, this action became necessary due to the non-compliance of the three banks and their respective boards with the provisions of 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 managements of the affected banks also got involved in activities that posed a threat to financial stability.
The report had accused the former CBN governor, Godwin Emefiele of using two Dubai-based companies, Luxis International and Magna International, to set up Titan Trust Bank (TTB) as proxies for the acquisition of Union Bank.
The panel, led by Jim Obazee, on December 24, 2023, summoned Babatunde Lemo, chairman of TTB, over the institution’s acquisition of Union Bank.
It also alleged impropriety in the transactions behind the acquisition of Keystone Bank.
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