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CBN Appoints New Executives For Union, Keystone, and Polaris Banks

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The Central Bank of Nigeria (CBN) has announced a new appointment of executive officers for Union Bank, Keystone Bank, and Polaris Banks a few hours after dissolving the board of Directors and Management.

The apex bank, in a statement by its spokesperson, Sidi Hakama, announced Yetunde Oni as the Managing Director and Chief Executive Officer of Union Bank while Mannir Ringim was appointed as the bank’s Executive Director.

Hassan lmam now heads Keystone Bank as the Managing Director and Chief Executive Officer with Chioma Mang as the Executive Director.

For Polaris Bank, Lawal Akintola was appointed as the Managing Director and Chief Executive Officer with Chris Ofikulu as the Executive Director.

The apex bank said the appointments take immediate effect.

The Central Bank said the action became necessary due to the non-compliance of the aforementioned banks and their respective boards with the provisions of Section 12(c), (f), (g), (h) of the Banks and Other Financial Institutions Act (BOFIA) 2020., suggesting a threat to the financial stability of the system.

The Apex bank was however silent on the recommendation by the Special Investigator, Jim Obazee appointed by President Bola Ahmed Tinubu to probe CBN, under the former Central Bank Governor, Godwin Emefiele, that the banks be forfeited to the federal government.

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