Shortly after dissolving the boards of Polaris, Union, and Keystone banks, the Central Bank of Nigeria promptly appointed new executive directors to oversee these deposit money banks.
In a Thursday morning statement signed by the acting Director of Corporate Communications, Sidi Hakama, the apex bank announced that the appointments would take immediate effect.
The statement revealed that Yetunde Oni, the first female CEO of Standard Chartered bank in Sierra Leone, would assume the role of Chief Executive Officer at Union Bank, with Mannir Ubali Ringim selected as the Executive Director.
For Keystone Bank, Hassan Imam took on the position of Chief Executive Officer, and Chioma Mang secured the role of Executive Director. Additionally, Lawal Mudathir Omokayode Akintola was appointed as the Chief Executive Officer of Polaris Bank, while Chris Ofikulu became its Executive Director.
The CBN’s statement underscored, “Following the dissolution of the 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 banks;”
“Union Bank: Yetunde Oni – Managing Director/Chief Executive Officer Mannir Ubali Ringim – Executive Director Polaris Bank: Lawal Mudathir Omokayode Akintola – Managing Director/ Chief Executive Officer Chris Onyeka Ofikulu – Executive Director
“The appointments take immediate effect,” the statement concluded.
Recall that on Wednesday night, the apex bank took decisive action, dismissing the entire boards of four banks for serious violations of financial laws. The infractions ranged from regulatory non-compliance and corporate governance failure to engaging in activities threatening financial stability. The Central Bank, exercising its regulatory powers, deemed the dissolution of the boards necessary due to the banks and their respective boards’ non-compliance with the provisions of the Financial Institutions Act, 2020. This move followed the recommendation of the Special Investigator, Jim Obazee, appointed by President Bola Tinubu in July 2023 to investigate the activities of the CBN and other relevant establishments. #CBN
