CBN Sacks Boards of Union Bank, Keystone Bank, And Polaris Bank, Appoints New Management
The Central Bank of Nigeria has sacked the boards of Union Bank, Keystone Bank, and Polaris Bank, and has appointed new board members.
Reports reveal that the respective boards of the banks were dissolved after a meeting with the central bank Governor Yemi Cardoso in Abuja.
The apex bank disclosed that the action was necessitated due to the non-compliance of 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.
The CBN, in a statement on Wednesday, explained that the banks’ 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.
The CBN assured the public of the safety and security of depositors’ funds and remains resolute in fulfilling its mandate to uphold a safe, sound, and robust financial system in Nigeria. “Our Banking system remains strong and resilient”, the CBN stated.
In a recent development, the Central Bank of Nigeria on Thursday 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.
Below is an overview of the newly appointed board members;
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
