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Change of Baton: CBN names new CEOs, Executive Directors for Union, Keystone, Polaris Banks 

Dr. Olayemi Cardoso, Governor of CBN

*The Central Bank of Nigeria states newly appointed Chief Executive Officers and Executive Directors for the three commercial banks are ‘to oversee the affairs’ of the financial institutions in the West African country

Isola Moses | ConsumerConnect

Sequel to the dissolution of the Board and Management of Union Bank, Keystone Bank and Polaris Bank Wednesday, January 10, 2024, the Central Bank of Nigeria (CBN) has appointed new Executives to oversee the affairs of the three commercial banks in the West African country.

Mrs. Sidi Ali Hakama, Acting Director of Corporate Communications at CBN, Wednesday listed the newly appointed Executives for the bank’s as follows:

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

Polaris Bank 

Lawal Mudathir Omokayode Akintola – Managing Director/ Chief Executive Officer

Chris Onyeka Ofikulu – Executive Director

The CBN Spokesperson stated that the “appointments take immediate effect.”

On the new Boards and Management Teams

ConsumerConnect reports the country’s banking sector regulator earlier Wednesday, said in a statement that it had dissolved the Boards and Management Teams of the Union Bank, Keystone Bank and Polaris Bank respectively.

The Bank noted that the action became necessary due to “the non-compliance of these banks and their respective Boards with the provisions of Section 12(c), (f), (g), (h) of Banks and Other Financial Institutions Act, 2020.”

The CBN also stated: “The banks’ 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.”

The CBN, however, assured the public of the safety and security of depositors’ funds.

It added the CBN “remains resolute in fulfilling its mandate to uphold a safe, sound, and robust financial system in Nigeria.”

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