The Central Bank of Nigeria (CBN) has announced the appointment of new executive officers for Union Bank, Keystone Bank, and Polaris Bank, marking the dissolution of their respective boards on Wednesday. Through its acting director of Corporate Communication, Sidi-Ali Hakama, the CBN conveyed this information in a circular dated January 10, 2024.
The appointed executives will now be responsible for overseeing the operations and management of the banks, with the CBN emphasizing that the appointments are effective immediately. The new executive officers for each bank are 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 officially dissolved the Board and Management of Union Bank, Keystone Bank, and Polaris Bank, citing various concerns that led to this decision. These concerns included regulatory non-compliance, corporate governance failures, 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,” stated Mrs. Sidi Ali Hakama, the Acting Director of Corporate Communications at the CBN.
In a related development from December 2023, the Special CBN Investigator, Jim Obazee, summoned Titan Trust Bank’s chairman, Babatunde Lemo, to question Titan Trust Bank’s acquisition of Union Bank of Nigeria Plc (UBN). The investigator alleged that some individuals were used as proxies by a former CBN Governor, Godwin Emefiele, to establish Titan Trust Bank and acquire Union Bank. Titan Trust Bank, however, issued a press release denying any wrongdoing.
Furthermore, a leaked report by the Special Investigation on the Central Bank of Nigeria and other entities raised allegations of financial and legal irregularities within the CBN under the leadership of Godwin Emefiele.
