WorldStage Newsonline — The Central Bank of Nigeria (CBN) has confirmed the dissolution of the board and management of Union Bank, Keystone Bank and Polaris Bank and appointed new executives for them.
A statement by Sidi Ali, Hakama (Mrs.), Ag. Director, Corporate Communications, CBN said this 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 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,” the statement said.
“The CBN assures the public of the safety and security of depositors’ funds and remains resolute in fulfilling its mandate to uphold a safe, sound, and robust financial system in Nigeria. Our Banking system remains strong and resilient.”
In another statement Hakama confirmed the appointment of new executives for the banks.
Yetunde Oni is the new Managing Director/Chief Executive Officer (CEO) of Union Bank while Mannir Ringim is the new Executive Director of the bank.
For Keystone Bank, Hassan Imam had been appointed as the new Managing Director/ CEO, while Chioma Mang was the new Executive Director.
She said Lawal Akintola was also appointed as Managing Director/ CEO of Polaris Bank, and Chris Ofikulu is Executive Director.
“The appointments take immediate effect,” Sidi-Ali said.
The decision to dissolve the board and management of the three banks and appoint new ones comes after the special investigator panel probing the CBN turned in its report
The report had alleged that the former CBN governor, Godwin Emefiele used two Dubai-based companies, Luxis International and Magna International to set up Titan Trust Bank (TTB) as proxies for the acquisition of Union Bank.
The panel, led by Jim Obazee, on December 24, 2023, summoned Babatunde Lemo, chairman of TTB, over the institution’s acquisition of Union Bank.
It also also alleged impropriety in the transactions behind the acquisition of Keystone Bank.
