The Central Bank of Nigeria has appointed new executive directors to oversee the affairs of the Polaris, Union, and Keystone banks.
The announcement of the new directors came shortly after the apex bank dissolved the board of directors of the deposit money banks.
Reporters reported on Wednesday that the CBN dissolved the board and management of Titan Trust Bank and three others, following a report submitted to President Bola Tinubu by the Special Investigator on the Central Bank of Nigeria (CBN) and Related Entities, Jim Obazee.
The report noted that the decision to dissolve the boards was taken after a meeting between the CBN Governor, Yemi Cardoso, Obazee and the boards of the four banks including Titan Trust Bank’s investors who had earlier avoided meeting with the Special Investigator.
A statement on Wednesday signed by Sidi Ali, Hakama (Mrs.), CBN’s Acting Director of Corporate Communications, said the “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, and involvement in activities in activities that pose a threat to financial stability, among others ,” it said.
However, the apex bank, in a statement signed by the acting Director of Corporate Communications, Sidi Hakama, released on Wednesday, announced the new directors.
It said the appointment would take immediate effect.
According to the statement, Yetunde Oni, the first female CEO of the Standard Chartered Bank in Sierra Leone was appointed as the Chief Executive Officer of Union Bank, while Mannir Ubali Ringim was selected as the Executive Director of the tier-2 bank.
For Keystone Bank, Hassan Imam was appointed as its Chief Executive Officer, while Chioma Mang got the position of Executive Director.
Also, the bank appointed Lawal Mudathir Omokayode Akintola as the Chief Executive Officer of Polaris Bank and Chris Ofikulu as its Executive Director.
The statement read, “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
“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 appointments take immediate effect."