CBN Appoints New Management Teams For Keystone, Polaris, Union Banks

The Central Bank of Nigeria (CBN) has appointed new management teams for three Nigerian banks to replace the disengaged staff. 

Acting Director of Corporate Communications, CBN, Hakama Sidi Alli said on late Wednesday that the appointees would head the Keystone, Polaris and Union banks. 

The apex bank had on Wednesday dissolved the board and management of the affected banks due to non-compliance with the provisions of Section 12(c), (f), (g), (h) of Banks and Other Financial Institutions Act (BOIFA) 2020.

To this end, the bank named Yetunde Oni as the new Managing Director/Chief Executive Officer of Union Bank and Mannir Ubale Ringim as Executive Director.

This was even as Hassan Imam would mount the saddle as the managing director and chief executive officer of Keystone Bank, while Chioma A. Mang would serve as executive director of the bank.

Also, Lawal Mudathir Omokayode Akintola is expected to serve as the managing director/chief executive officer of Polaris Bank, just as Chris Onyeka Ofikulu was named as executive director.

The CBN said that the appointments take effect immediately. 

 Alli disclosed that the bank’s 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. 

The apex bank assured the depositors and the public of the safety and security of their funds.

This was even as the CBN reiterated its resolve to uphold a safe, sound and robust financial system in Nigeria, adding that the banking system of Africa’s largest economy remains strong and resilient.