CBN Announces Major Leadership Changes in Three Banks

By Iyojo Ameh

In a move aimed at addressing concerns over non-compliance with financial regulations, the Central Bank of Nigeria (CBN) has announced the appointment of new executives for Union Bank, Keystone Bank, and Polaris Bank.

The decision follows the dissolution of the board and management teams of these financial institutions.

Effective immediately, the newly appointed executives will assume key leadership roles to oversee the operations of their respective banks.

The appointments were disclosed in an official statement signed by Sidi Ali Hakama, the acting Director of Corporate Communications for the CBN.

Union Bank Appointments:
– Yetunde Oni: Managing Director/Chief Executive Officer
– Mannir Ubali Ringim: Executive Director

Keystone Bank Appointments:
– Hassan Imam: Managing Director/Chief Executive Officer
– Chioma A.

Mang: Executive Director

Polaris Bank Appointments: Lawal Mudathir Omokayode Akintola: Managing Director/Chief Executive Officer
– Chris Onyeka Ofikulu: Executive Director

The CBN clarified that the decision to dissolve the boards and management teams was prompted by non-compliance with Sections 12(c), (f), (g), (h) of the Banks and Other Financial Institutions Act, 2020. The regulatory body emphasized that the actions of these banks were perceived as a threat to financial stability.

Despite the sweeping changes, the CBN moved to reassure depositors that their funds in the affected banks remain secure and unaffected by this decision. This commitment seeks to maintain public confidence in the stability of the financial sector amid these leadership transitions.

The newly appointed executives are expected to navigate their respective institutions through these changes and uphold compliance with regulatory frameworks to ensure a resilient and stable financial environment in Nigeria.