CBN makes new appointments (Full list)

After promptly dissolving the boards of Polaris, Union, and Keystone banks, the Central Bank of Nigeria (CBN) has appointed new executive directors to lead these financial institutions.

The acting Director of Corporate Communications, Sidi Hakama, confirmed this in a statement released to the press on Thursday morning, stating that the appointments are effective immediately.

As per the official statement, Yetunde Oni, the former first female CEO at Standard Chartered Bank in Sierra Leone, has been named the Chief Executive Officer of Union Bank.

Furthermore, Mannir Ubali Ringim has been appointed as the Executive Director of the Tier-2 bank.

For Keystone Bank, the appointment of Hassan Imam as its Chief Executive Officer has been ratified, along with the selection of Chioma Mang for the position of Executive Director.

In the case of Polaris Bank, Lawal Mudathir Omokayode Akintola has been appointed as the Chief Executive Officer, and Chris Ofikulu has been designated as its Executive Director.

The CBN statement stated, “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.

On Wednesday night, the Central Bank of Nigeria (CBN) took the decisive step of removing the entire board of four banks due to severe violations of financial laws.

The reasons cited by the apex bank include regulatory non-compliance, corporate governance failure, disregarding licensing conditions, and engaging in activities that threaten financial stability.

This action, driven by regulatory powers, was deemed necessary because of the banks’ and their boards’ non-compliance with the provisions of the Financial Institutions Act, 2020.

The decision followed the recommendations of Special Investigator Jim Obazee, appointed by President Bola Tinubu in July 2023 to investigate the CBN and related institutions.

The investigative report accused the former CBN Governor, Godwin Emefiele, of personally acquiring banks through proxies, specifically Union Bank of Nigeria for Titan Trust Bank Limited and Keystone Bank, without providing evidence of payment.