Three new chief executives have been announced by the Central Bank of Nigeria (CBN) for the banks it dissolved their management boards on Wednesday.
This was made public on Thursday through a memo by the Acting Director for Corporate Communications at the CBN, Mrs Sidi Hakama who said the appointments apply with immediate effect.
CBN noted that it was appointing new executives for the three banks as an outcome of the dissolution of their boards a day earlier over “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, disregarding the conditions under which their licenses were granted, and involvement in activities that pose a threat to financial stability, among others,” a statement issued last night by Mrs Hakama said.
Hakama’s statement further disclosed that: “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.”
The new chief executives are Ms Yetunde Oni for Union Bank, and Mannir Ubali Ringim appointed as an executive director.
The new Managing Director of Keystone Bank is Hassan Imam, while Chioma Mang is the executive director.
Also, for Polaris Bank, Mr. Lawal Akintola is the new chief executive, while Onyeka Ofikulu is the executive director.
