The Central Bank of Nigeria has selected new executive directors to supervise the business of Polaris, Union, and Keystone banks, just hours after dissolving their respective boards of directors.
In a statement issued on Thursday morning, the apex bank said the appointment takes effect immediately.
According to the release, Yetunde Oni, the first female CEO of a Standard Chartered bank in Sierra Leone, has been appointed Chief Executive Officer of Union Bank, with Mannir Ubali Ringim serving as Executive Director.
Hassan Imam has been appointed Chief Executive Officer of Keystone Bank, with Chioma Mang serving as Executive Director.
In addition, Polaris Bank selected Lawal Mudathir Omokayode Akintola as Chief Executive Officer and Chris Ofikulu as Executive Director.
The CBN statement read,
“Following the dissolution of the Board and Management of Union Bank, Keystone Bank and Polaris Bank on Wednesday, January 10, the CBN has appointed new executives to oversee the affairs of the banks;
“Union Bank: Yetunde Oni – Managing Director/Chief Executive Officer Mannir Ubali Ringim – Executive Director
“Keystone Bank: Hassan Imam – Managing Director/ Chief Executive Officer Chioma A. Mang – Executive Director
“Polaris Bank: Lawal Mudathir Omokayode Akintola – Managing Director/ Chief Executive Officer Chris Onyeka Ofikulu – Executive Director
“The appointments take immediate effect,” the statement added.
Remember that on Wednesday night, the apex bank fired the entire board of four banks for serious violations of financial regulations.
It stated that the banks’ transgressions include regulatory noncompliance, corporate governance failure, violating the conditions under which their licenses were awarded, and engagement in activities that jeopardized financial stability, among others.
As a result, in exercising its supervisory responsibilities, the central bank stated that the dissolution of the boards was unavoidable due to the banks and their respective boards’ failure to comply with the provisions of the Financial Institutions Act, 2020.
This decision followed the proposal of Jim Obazee, the Special Investigator appointed by President Bola Tinubu in July 2023 to investigate the operations of the CBN and other pertinent institutions.
The report of the special investigation into the CBN’s actions accused Godwin Emefiele, the immediate past Governor of the apex bank, of acquiring banks for himself through proxies.
According to the study, Emefiele utilized proxies to acquire Union Bank of Nigeria for Titan Trust Bank Limited and Keystone Bank, with no proof of payment.