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BREAKING: CBN Appoints Directors For Polaris, Union, Keystone, Banks

The Central Bank of Nigeria has appointed new executive directors to oversee the affairs of Polaris, Union, and Keystone banks.

Daily Report Nigeria reports that the development swiftly followed the dissolution of previous boards of the deposit money banks.

In a statement on Thursday by the acting Director of Corporate Communications, Sidi Hakama, the apex bank said the appointment takes immediate effect.

The CBN 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;

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“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”.

Recall that the CBN sacked the entire boards of the four banks for grievous infringements of financial laws, which varied from regulatory non-compliance, corporate governance failure, disregarding the conditions under which their licences were granted, and involvement in activities that posed a threat to financial stability, among others.

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The apex bank, in the exercise of its regulatory powers, said the dissolution of the boards became necessary due to the non-compliance of the banks and their respective boards with the provisions of the Financial Institutions Act, 2020.

The action followed the recommendation of the Special Investigator, Jim Obazee, appointed by President Bola Tinubu in July 2023, to probe the activities of the CBN and other relevant establishments.

The report of the special investigation into the activities of the CBN had accused the immediate past Governor of the apex bank, Godwin Emefiele, of acquiring banks for himself through proxies.

The report stated that Emefiele used proxies to acquire Union Bank of Nigeria for Titan Trust Bank Limited and Keystone Bank without any evidence of payment.

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