yemi (2).jpg
In a sweeping move that has sent ripples through Nigeria's financial landscape, the Central Bank of Nigeria (CBN) has announced the appointment of new executives to spearhead the operations of Union Bank, Keystone Bank, and Polaris Bank. This strategic decision comes on the heels of the dissolution of the boards and management of the three banks by the apex bank.

Mrs. Hakama Sidi-Ali, the Acting Director of Corporate Communications for the CBN, revealed that the newly appointed executives, greenlighted by CBN Governor Olayemi Cardoso, will take immediate charge of the three banks. The move is a response to the findings of a special investigator panel tasked with probing the activities of the CBN, which led to a damning report necessitating the shake-up.

Sidi-Ali emphasized that the dissolution was prompted by the non-compliance of Union Bank, Keystone Bank, and Polaris Bank, and their respective boards, with the provisions of the Banks and Other Financial Institutions Act, 2020. The banks were found guilty of a range of infractions, including regulatory non-compliance, corporate governance failure, and a blatant disregard for the conditions under which their licenses were granted.

Further compounding the severity of the situation, Sidi-Ali noted that the managements of these banks were engaged in activities that posed a tangible threat to the stability of the financial sector. This revelation prompted swift action from the CBN to mitigate potential risks and uphold the integrity of the banking system.

The investigative panel, led by Jim Obazee, has recommended the forfeiture of the affected banks to the Federal Government. In a report submitted to President Bola Tinubu, the panel outlined the gravity of the situation, emphasizing the need for decisive action to safeguard the nation's financial interests.

The newly appointed executives for Union Bank, Keystone Bank, and Polaris Bank have been revealed as follows:

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.
As these new leaders step into their roles, the banking sector watches closely, anticipating how their stewardship will shape the future of these financial institutions amidst a backdrop of reform and regulatory scrutiny