CBN Names New Leaders at Keystone, Union, and Polaris Banks

On Wednesday, the Central Bank of Nigeria (CBN) selected new executives to handle the activities of Union Bank, Keystone Bank, and Polaris Bank, just hours after their boards and management were dissolved.

Union Bank has selected Yetunde Oni as its managing director and chief executive officer, and Mannir Ringim as its executive director. Sidi Hakama, the central bank’s spokeswoman, made the announcement.

With the promotion of Hassan Lmam to the position of managing director and chief executive officer, Keystone Bank has also appointed Chioma Mang to the position of executive director.

Chris Ofikulu was named Executive Director of Polaris Bank, while Lawal Akintola was named Managing Director and Chief Executive Officer.

The appointments are effective immediately, according to the top bank.

The advertisement

The fresh appointments came after the top bank fired the boards of the three financial institutions.

The Central Bank of Nigeria (CBN) justified the move by stating that the banks in question and their boards had failed to comply with the requirements of the Banks and Other Financial Institutions Act, 2020, specifically Section 12(c), (f), (g), (h).

The banks were found to have committed a wide range of violations, according to the regulatory authorities. These included failing to comply with regulations, poor corporate governance, failing to adhere to the terms of their licences, and engaging in activities that could jeopardise financial stability.

Following the indictment of former bank boss Godwin Emefiele in a report by CBN special investigator Jim Obazee, there was talk that the federal government might seize control of a few financial institutions.

Yet, the central bank denied the rumours and promised depositors their money back.

The Obazee panel later requested that two alleged shareholders and Titan Trust Bank (TTB) chairman Babatunde Lemo appear before them in relation to the acquisition of Union Bank.

In July 2023, President Bola Tinubu named Obazee as the CBN Special Investigator. Obazee had previously claimed that Emefiele had established two financial institutions through the use of proxies.

Union Bank, which has been around for 104 years, announced its acquisition by TTB in December 2021. Six months after the new bank started operations in 2019, the agreement was finalised with Lemo serving as chairman. The deal, however, became mired in controversy as new details surfaced from the Obazee panel.

Leave a Reply

Your email address will not be published. Required fields are marked *

%d bloggers like this: