The Central Bank of Nigeria (CBN) has swiftly appointed new executive directors to oversee Union Bank, Keystone Bank, and Polaris Bank, just hours after dissolving their respective boards of directors. The appointments, effective immediately, were announced in a statement signed by the acting Director of Corporate Communications, Sidi Hakama.
Yetunde Oni, the former first female CEO of Standard Chartered Bank in Sierra Leone, was named the Chief Executive Officer of Union Bank, with Mannir Ubali Ringim appointed as the Executive Director. Keystone Bank saw the appointment of Hassan Imam as its Chief Executive Officer, and Chioma Mang was selected as the Executive Director. For Polaris Bank, Lawal Mudathir Omokayode Akintola was named the Chief Executive Officer, while Chris Ofikulu was appointed as its Executive Director.
The CBN's decision to dissolve the boards on Wednesday night was attributed to serious violations of financial laws by the banks. The infractions included regulatory non-compliance, corporate governance failures, disregard for license conditions, and engagement in activities posing a threat to financial stability. The apex bank, exercising its regulatory powers, stated that the dissolution became necessary due to non-compliance with the provisions of the Financial Institutions Act, 2020.
The action followed a special investigation into the CBN's activities, which accused the former Governor, Godwin Emefiele, of acquiring banks for himself through proxies. The report alleged that Emefiele used proxies to acquire Union Bank and Keystone Bank without evidence of payment. This move is part of ongoing efforts to address financial irregularities and ensure compliance within the banking sector.
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