CBN Nominate New Executives To Nigeria Banks

Keystone Bank, Union Bank, and Polaris Ban Appoints New Executives To Important Roles

Shortly after dissolving the boards of directors of Polaris, Union, and Keystone banks, the Central Bank of Nigeria declared the appointment of new executive directors to manage the deposit money institutions. Sidi Hakama, the acting director of corporate communications, announced the appointment in a statement on Thursday morning. It is effective immediately.

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Yetunde Oni, the first female CEO of the Standard Chartered bank in Sierra Leone, was named the Chief Executive Officer of Union Bank, while Mannir Ubali Ringim was picked as the Executive Director of the tier-2 bank. Hassan Imam became the Chief Executive Officer of Keystone Bank, while Chioma Mang was named Executive Director.

Chris Ofikulu was appointed Executive Director of Polaris Bank, and Lawal Mudathir Omokayode Akintola was named Chief Executive Officer. “The CBN has appointed new executives to oversee the affairs of the banks,” the announcement from the CBN stated, “following the dissolution of the Board and Management of Union Bank, Keystone Bank, and Polaris Bank on Wednesday, January 10.” The appointments for Union Bank included Yetunde Oni as Managing Director/Chief Executive Officer and Mannir Ubali Ringim as Executive Director. Hassan Imam was named Managing Director/Chief Executive Officer of Keystone Bank, and Chioma A. Mang was named Executive Director.

“Polaris Bank: Chris Onyeka Ofikulu, Executive Director; Lawal Mudathir Omokayode Akintola, Managing Director/Chief Executive Officer The announcement also said that the appointments are effective immediately.

Due to serious violations of financial laws, the Central Bank of Nigeria (CBN) sacked the entire board of four banks on Wednesday night. The CBN listed a number of violations, such as failures in corporate governance, noncompliance with regulations, disdain for the terms of their licenses, and engagement in activities endangering the stability of the financial system.

The Financial Institutions Act, 2020 requirements were not being followed by the banks and their respective boards, which made the regulatory action—executed in the exercise of CBN’s powers—necessary.

This choice was made in accordance with the Special Investigator Jim Obazee’s recommendations. President Bola Tinubu appointed Obazee in July 2023 to look into the CBN’s and other pertinent establishments’ operations.

Godwin Emefiele, the governor in office at the time, was charged in the special investigation report on the CBN’s operations with using proxies to acquire banks for his personal benefit. Without providing any proof of payment, it was claimed that Emefiele acquired Union Bank of Nigeria for Titan Trust Bank Limited and Keystone Bank through proxies.