The Central Bank of Nigeria (CBN) has appointed new executives for Union Bank, Keystone Bank and Polaris Bank.
Mrs Hakama Sidi-Ali, Acting Director, Corporate Communications Department of the CBN, disclosed this in a statement on Wednesday in Abuja.
This follows the dissolution of the board and management of Union Bank, Keystone Bank and Polaris Bank.
The newly appointed executives are to oversee the affairs of the banks, according to Mrs Sidi-Ali.
Yetunde Oni was appointed the Managing Director/Chief Executive Officer of Union Bank with Mannir Ubali Ringim as Executive Director.
For Keystone Bank, Hassan Imam was appointed Managing Director/Chief Executive Officer with Chioma A. Mang as Executive Director.
Lawal Mudathir Omokayode Akintola was appointed Managing Director/Chief Executive Officer of Polaris Bank
with Chris Onyeka Ofikulu as Executive Director.
“The appointments take immediate effect,” the statement by Sidi-Ali reads.
Recall that the CBN had dissolved the boards and management of Union Bank, Keystone Bank, and Polaris Bank.
According to Sidi-Ali, this action became necessary due to the non-compliance of the three banks and their respective boards with the provisions of Banks and Other Financial Institutions Act, 2020.
She said that the banks’ infractions varied from regulatory non-compliance, corporate governance failure, and disregarding the conditions under which their licenses were granted.
She said that the managements of the affected banks also got involved in activities that posed a threat to financial stability.
“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,” she said.