CBN appoints new executive officers for dissolved banks

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By: Admin

ABUJA –  Following the dissolution of the board of Union, Keystone and Polaris Banks, the Central Bank of Nigeria, (CBN) has announced the appointment of new executive officers for the affected financial institutions.

In a statement on Wednesday, signed by the Apex Bank’s Acting Director of Corporate Communication, Sidi-Ali Hakama, the newly appointed executives for Union Bank are Yetunde Oni, Managing Director, (MD) and chief executive officer, (CEO); and Mannir Ubali Ringim, Executive Director (ED).

While Hassan Imam and Chioma A. Many will lead the affairs of Keystone Bank as CEO and ED, respectively.

The CBN also named Lawal Mudathir Omokayode Akintola and Chris Onyeka Ofikulu as the CEO and ED of Polaris Bank respectively.

According to the financial regulator, the newly appointed chief executives are entrusted with steering the affairs of their respective institutions and ushering in a new era of stability and strategic direction.

This move is part of a broader effort by the CBN to ensure transparency, accountability, and effective governance within the banking sector. The rapid appointment of new leadership reflects the regulatory body’s commitment to maintaining the stability and integrity of the financial institutions under its purview.

As the newly appointed CEOs take charge, their leadership will be closely watched to assess their strategies for navigating the banks through these changes and fostering sustained growth. This development marks a pivotal moment in the evolution of Union Bank, Keystone, and Polaris as they embark on a new chapter with fresh leadership at the helm.

On January 10, 2023, the CBN dissolved the boards of the three banks with immediate effect, citing some infractions ranging from regulatory non-compliance, corporate governance failure, disregarding the conditions under which their licenses were granted, involvement in activities that pose a threat to financial stability, among others.

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