CBN appoints new executive officials for Union, Keystone and Polaris Bank

The Central Bank of Nigeria has announced a new appointment of executive officers for Union Bank, Keystone Bank and Polaris banks following the dissolution of the board of the banks on Wednesday.  

The acting director of Corporate Communication, Sidi-Ali Hakama, made this disclosure in a circular dated January 10 2024.  

According to the CBN, the new executive officers will now oversee the affairs of the banks. 

In addition, the apex bank noted that the appointment will take effect immediately.  

The CBN said,  

• “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 bank; 

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.” 

Backstory  

• Earlier, Nairametrics reported that the Central Bank of Nigeria officially dissolved the Board and Management of three prominent banks — Union Bank, Keystone Bank, and Polaris Bank. 
• The apex bank cited several concerns leading to this decision, including regulatory non-compliance, failures in corporate governance, and involvement in activities threatening financial stability. 
• “This action became necessary due to the non-compliance of these banks and their respective boards with the provisions of Section 12©, (f), (g), (h) of the Banks and Other Financial Institutions Act, 2020. The Bank’s infractions vary from regulatory non-compliance, corporate governance failure, disregarding the conditions under which their licenses were granted, and involvement in activities that pose a threat to financial stability, among others.” Mrs. Sidi Ali, Hakama, the Acting Director of Corporate Communications at the CBN said.  
• In December 2023, the Special CBN Investigator, Jim Obazee, summoned Titan Trust Bank’s (TTB) chairman, Babatunde Lemo, for questioning regarding TTB’s acquisition of Union Bank of Nigeria Plc (UBN). 
• The special investigator had in his report alleged that some persons were used as proxies by a former CBN Governor, Godwin Emefiele, to set up Titan Trust Bank and acquire Union Bank 
• However, Titan Trust Bank issued a press release denying any wrongdoing. 
• A leaked report by the Special Investigation on the Central Bank of Nigeria and other entities also alleged financial and legal irregularities within the Central Bank of Nigeria (CBN) under the leadership of Godwin Emefiele.