Full List: CBN appoints new executives for Polaris, Union, Keystone Banks
Full List: CBN appoints new executives for Polaris, Union, Keystone Banks
The Central Bank of Nigeria (CBN) has announced the appointment of new executive directors to oversee the operations of Polaris, Union, and Keystone banks.
In response to the dissolution of the previous boards of the deposit money banks, the CBN made a swift move to appoint new executives.
According to a statement released on Thursday by the acting director of Corporate Communications, Sidi Hakama, the appointments are effective immediately.
READ ALSO: CBN dissolves boards of Titan Trust, Union, Keystone, Polaris banks
The CBN statement disclosed the following appointments:
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.
This decision comes after the CBN took the decision to remove the entire boards of the four banks due to serious violations of financial laws. These offences included regulatory non-compliance, failure of corporate governance, disregarding the terms under which their licenses were granted, and engaging in activities that posed a threat to financial stability, among other issues.
The apex bank, in the exercise of its regulatory powers, said the dissolution of the boards became necessary due to the non-compliance of the banks and their respective boards with the provisions of the Financial Institutions Act, 2020.
The action followed the recommendation 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 activities of the CBN had accused the immediate past Governor of the apex bank, Godwin Emefiele, of acquiring banks for himself through proxies.
The report stated that Emefiele used proxies to acquire Union Bank of Nigeria for Titan Trust Bank Limited and Keystone Bank without any evidence of payment.