The top body authorized new teams to take over the operations of the banks shortly
after the boards and management teams of Polaris, Union, and Keystone banks were
dismissed by the Central Bank of Nigeria (CBN) for violations of corporate
governance and other offenses.
The appointment is effective immediately, according to a statement made public on
Thursday morning Sidi Hakama, the acting director of corporate communications for the
national bank.
Chris Ofikulu was named Executive Director of Polaris by CBN, and Lawal Mudathir
Omokayode Akintola as Chief Executive Officer.
Though Mannir Ubali Ringim was named the bank’s Executive Director, Yetunde Oni, the
first female Chief Executive Officer of the Standard Chartered Bank in Sierra Leone was
chosen to lead Union Bank.
Similarly, Hassan Imam was named as the Chief Executive Officer of Keystone Bank, while
Chioma Mang took control as Executive Director.
The statement from the CBN reads: “Following the dissolution of the Board and
Management of Union Bank, Keystone Bank, and Polaris Bank on Wednesday, January 10,
the CBN has appointed new executives to oversee the affairs of the banks. The
appointments take immediate effect.”
Three banks’ boards were fired by the CBN on Wednesday night for violating the Banks and
Other Financial Institutions Act (BOFIA), 2020, in several ways.
The Central Bank of Nigeria (CBN) claims that the banks committed a range of breaches,
including regulatory non-compliance, corporate governance failure, violating the terms of
their licenses, and engaging in activities that might have jeopardized the stability of the
financial system.
The suggestion of Jim Obazee, the Special Investigator that President Bola Tinubu
appointed to look into the CBN’s and other pertinent establishments' operations, was
followed by the highest bank.
