The Central Bank of Nigeria, a few hours after dissolving the boards of directors governing Polaris, Union, and Keystone banks, announced the appointment of new executive directors to oversee the affairs of the deposit money banks. The appointment, effective immediately, was disclosed in a statement released on Thursday morning by Sidi Hakama, the acting Director of Corporate Communications.
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 chosen as the Executive Director of the tier-2 bank. For Keystone Bank, Hassan Imam assumed the role of Chief Executive Officer, and Chioma Mang was appointed as the Executive Director.
Lawal Mudathir Omokayode Akintola became the Chief Executive Officer of Polaris Bank, with Chris Ofikulu taking on the position of Executive Director. The CBN statement explained, “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.” The appointments for Union Bank included Yetunde Oni as Managing Director/Chief Executive Officer and Mannir Ubali Ringim as Executive Director. For Keystone Bank, Hassan Imam was appointed as Managing Director/Chief Executive Officer, and Chioma A. Mang took on the role of 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) dismissed the entire boards of four banks due to severe infringements of financial laws. The CBN cited various infractions, including regulatory non-compliance, corporate governance failure, disregard for the conditions under which their licenses were granted, and involvement in activities posing a threat to financial stability.
The regulatory action, carried out in the exercise of CBN’s powers, became necessary due to the non-compliance of the banks and their respective boards with the provisions of the Financial Institutions Act, 2020.
This decision followed the recommendations of the Special Investigator, Jim Obazee, appointed by President Bola Tinubu in July 2023 to probe the activities of the CBN and other relevant establishments.
The report of the special investigation into the CBN’s activities accused the immediate past Governor, Godwin Emefiele, of acquiring banks for himself through proxies. It alleged that Emefiele used proxies to acquire Union Bank of Nigeria for Titan Trust Bank Limited and Keystone Bank without any evidence of payment.
