CBN dissolves boards, management of Union, Keystone, Polaris banks, announce new appointments

The Central Bank of Nigeria, CBN, has dissolved the boards and management of Union Bank, Keystone Bank, and Polaris Bank.
Hakama Sidi-Ali, acting director, Corporate Communications Department of the CBN, disclosed this in a statement on Wednesday in Abuja.
According to Ms 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.
The Central Bank of Nigeria, CBN, has also appointed new executives for Keystone, Polaris, and Union Banks following the dissolution of the board and management of the banks on Wednesday.
This is contained in a statement issued by CBN’s acting director, Corporate Communications Department, Hakama Sidi-Ali in Abuja.
According to Ms Sidi-Ali, Yetunde Oni is the new managing director/CEO of Union Bank while Mannir Ringim is the new executive director of the bank.
She said 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,” Ms 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 accused the former CBN governor, Godwin Emefiele of using 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.