The Central Bank of Nigeria (CBN) has announced the appointment of new executive officers for Union Bank, Keystone Bank and Polaris Bank, following the sack of the boards of the respective banks on Wednesday.
The acting director of Corporate Communication, Sidi-Ali Hakama, made this disclosure in a statement.
The new executives, according to the statement, are 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 and Polaris Bank: Lawal Mudathir Omokayode Akintola — Managing Director/ Chief Executive Officer; and Chris Onyeka Ofikulu — Executive Director
“The appointments take immediate effect,” the CBN stated.
According to the CBN, the new executive officers will now oversee the affairs of the banks.
The apex bank sacked the banks’ former executive on Wednesday, citing regulatory non-compliance, failures in corporate governance, and involvement in activities threatening financial stability.
“This action became necessary due to the non-compliance of these banks and their respective boards with the provisions of Section 12©, (f), (g), (h) of the Banks and Other Financial Institutions Act, 2020. The Bank’s 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,” it said in a statement announcing the sack.