CBN Appoints New Leadership for Union Bank, Keystone Bank, and Polaris Bank

In a move to address non-compliance issues and activities posing a threat to financial stability, the Central Bank of Nigeria (CBN) has dissolved the boards and management teams of Union Bank, Keystone Bank, and Polaris Bank.

The apex bank made this significant announcement through a statement signed by Sidi Ali Hakama, the acting Director of Corporate Communications, on Wednesday.

The newly appointed executives will take charge with immediate effect. Yetunde Oni has been appointed as the Managing Director/Chief Executive Officer of Union Bank, while Mannir Ubali Ringim will serve as the Executive Director.

For Keystone Bank, Hassan Imam assumes the role of Managing Director/Chief Executive Officer, and Chioma A. Mang has been appointed as the Executive Director. At Polaris Bank, Lawal Mudathir Omokayode Akintola steps in as the Managing Director/Chief Executive Officer, with Chris Onyeka Ofikulu as the Executive Director.

The CBN statement emphasized that the decision was made due to the non-compliance of the banks and their respective boards with the provisions of Section 12(c), (f), (g), (h) of the Banks and Other Financial Institutions Act, 2020. The statement also mentioned that the banks engaged in activities that posed a threat to financial stability.

It is important to note that the CBN assures the public that the funds of depositors in the affected banks remain safe and unaffected by these changes.

This development follows the CBN’s commitment to ensuring the stability and soundness of the financial sector in Nigeria.

The swift appointment of new executives underscores the regulatory authority’s dedication to addressing issues that may compromise the integrity of financial institutions.

As the newly appointed leaders assume their roles, stakeholders will be closely watching the actions taken to bring about positive changes and uphold the stability of Union Bank, Keystone Bank, and Polaris Bank in the Nigerian banking landscape.