CBN appoints new executives for Union, Keystone and Polaris Banks after sacking boards and management

The Central Bank of Nigeria (CBN) has appointed new executives for Union, Keystone and Polaris Banks following the dissolution of their boards on Wednesday, January 10.

In a statement released, the apex bank said it dissolved the banks boards due to their non-compliance of the provisions of Section 12(c), (f), (g), (h) of Banks and Other Financial Institutions Act (BOFIA) 2020., suggesting threat to financial stability of the system.

The CBN then announced the appointment of new executives to oversee the affairs of the banks.

The new executives for Union Bank include Yetunde Oni as Managing Director/Chief Executive Officer, and Mannir Ubali Ringim as Executive Director.

The CBN also appointed Hassan Imam as Managing Director/ Chief Executive of Keystone Bank as well as Chioma Mang as Executive Director.

For Polaris Bank, Lawal Mudathir Omokayode Akintola becomes Managing Director/ Chief Executive of the bank with Chris Onyeka Officer as Executive Director.

The appointments take immediate effect.

The CBN however assured the public of the safety and security of depositors’ funds and said it remains resolute in fulfilling its mandate to uphold a safe, sound, and robust financial system in Nigeria.

It further stated that Nigeria’s banking system remained strong and resilient.