CBN Appoints New Executives for Union Bank, Keystone and Polaris Bank

CBN has appointed new executives for Union Bank, Keystone, and Polaris Bank.

Newsone Nigeria reports that the Central Bank of Nigeria (CBN) led by Olayemi Cardoso, has appointed new executives to oversee the affairs of Union Bank, Keystone Bank, and Polaris Bank.

This online news platform understands that the development follows the dissolution of the Board and Management of the three banks on Wednesday, January 10, 2024, by the apex bank.

In a statement signed by the Acting Director of Corporate Communication at the CBN, Sidi Ali Hakama (Mrs.), the newly appointed executives are set to assume their roles with immediate effect.

CBN Appoints New Executives for Union Bank, Keystone Bank, and Polaris Bank pic.twitter.com/w6PITD4ySL

— Central Bank of Nigeria (@cenbank) January 10, 2024

Listed below are the new executives for Union Bank, Keystone, and Polaris Bank as announced by the CBN.

Union Bank

1. Yetunde Oni – Managing Director/Chief Executive Officer
2. Mannir Ubali Ringim – Executive Director

Keystone Bank

1. Hassan Imam – Managing Director/Chief Executive Officer
2. Chioma A. Mang – Executive Director

Polaris Bank

1. Lawal Mudathir Omokayode Akintola – Managing Director/Chief Executive Officer
2. Chris Onyeka Ofikulu – Executive Director.

Earlier, the CBN said the dissolution of Titan Trust Bank, Union Bank, Keystone Bank, and Polaris Bank 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, adding that the banks got themselves involved in activities that pose a threat to financial stability.

The CBN, however, assured Nigerians that the funds of depositors in the affected banks are safe and unaffected by the decision.