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CBN appoints new executives for Union, Keystone and Polaris Banks

The Central Bank of Nigeria (CBN) has appointed new executives for Union Bank, Keystone Bank and Polaris Bank.

The top bank made this known in a statement signed by its acting director of Corporate Communications, Sidi Ali Hakama, on Wednesday.

She said the appointments follow the dissolution of the board and management team of the three financial institutions.

According to Hakama, the appointees would oversee the affairs of the three banks, adding that the appointments are with immediate effect.

According to the statement, Yetunde Oni was appointed as Chief Executive Officer of Union Bank, while Mannir Ubali Ringim was selected as Executive Director of the second bank.

For Keystone Bank, Hassan Imam was appointed as Chief Executive Officer, while Chioma Mang was given the position of Executive Director of the bank.

The bank also appointed Lawal Mudathir Omokayode Akintola as Chief Executive Officer of Polaris Bank and Chris Ofikulu as Executive Director.

The CBN statement read: “Following the dissolution of the boards 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/CEO Chioma A. Mang – Executive Director

“Polaris Bank: Lawal Mudathir Omokayode Akintola – Managing Director/CEO Chris Onyeka Ofikulu – Executive Director

“The appointments are effective immediately.”

Recall that the apex bank had confirmed that it had dissolved the board and management of Union Bank, Keystone Bank and Polaris Bank.

The apex bank, in a statement signed by its Acting Director of Corporate Communications, Sidi Ali Hakama, said the move became necessary due to the non-compliance by these banks and their respective boards with the provisions of Section 12(c), (f), ( g), (h) of the Banks and Other Financial Institutions Act, 2020.

It added that the banks became involved in activities that threaten financial stability.

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The CBN added that depositors' funds in the affected banks are safe and unaffected by the decision.

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