The Central Bank of Nigeria (CBN), yesterday, announced the appointment of new executives to oversee the affairs of Union Bank, Keystone Bank, and Polaris Bank with immediate effect.
The appointments followed the dissolution of the Board and Management of the banks, as announced in a stamen by the Ag. Director, Corporate Communications, Mrs. Hakama Sidi Ali.
CBN had explained that “This action became necessary due to the non-compliance of these banks and their respective boards with the provisions of Section 12(c), (f), (g), (h) of Banks and Other Financial Institutions Act (BOFIA), 2020.
“The Banks’ infractions vary from regulatory non-compliance, corporate governance failure, disregarding the conditions under which their licenses were granted, and involvement in activities that pose a threat to financial stability, among others.”
Banks’ new excos
The new executives for the three banks are:
- Yetunde Oni, Managing Director/Chief Executive Officer – Union Bank
- Mannir Ringim, Executive Director – Union Bank
- Hassan Imam, Managing Director/Chief Executive – Keystone Bank
- Chioma Mang, Executive Director – Keystone Bank
- Lawal Akintola, Managing Director/Chief Executive Officer – Polaris Bank
- Chris Onyeka, Executive Director – Polaris Bank
Despite these upheavals, the CBN assured the public of “the safety and security of depositors’ funds,” and reiterated its resolve “in fulfilling its mandate to uphold a safe, sound, and robust financial system in Nigeria,” while insisting that “Our Banking system remains strong and resilient.”
The Banks’ infractions vary from regulatory non-compliance, corporate governance failure, disregarding the conditions under which their licenses were granted, and involvement in activities that pose a threat to financial stability, among others.
