Appoints New Management Teams
THE Central Bank of Nigeria (CBN) on Wednesday, January 10, dissolved the Boards and Management of Union Bank, Keystone Bank and Polaris Bank.
The apex banks has immediately appointed new teams for three Nigerian banks.
A statement earlier on Wednesday, January 10, in Abuja by CBN’s acting Director of Corporate Communications Department, Mrs. Hakama Sidi-Ali, said the dissolution 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 stated that the banks’ infractions varied from regulatory non-compliance, corporate governance failure to disregarding the conditions under which their licenses were granted, adding 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.
Sidi-Ali later named Yetunde Oni as the new Managing Director/Chief Executive Officer of Union Bank and Mannir Ubale Ringim as Executive Director.
Hassan Imam was announced as Managing Director/Chief Executive Officer of Keystone Bank, with Chioma A. Mang as Executive Director, while Lawal Mudathir Omokayode Akintola becomes Managing Director/Chief Executive Officer of Polaris Bank, with Chris Onyeka Ofikulu as Executive Director.
The appointments, the statement added, took immediate effect.
Oni was until her appointment the managing director/chief executive officer at Standard Chartered Bank, Sierra Leone, while Imam served as an executive director at Fidelity Bank and a Lawal, a one-time executive director at Sterling Bank, was until his new appointment, the chief executive officer of Lagos-based Intermediate Equity Partners Limited.
Ringim served as deputy general manager/ regional bank head, Northwest 1 at Fidelity Bank, while Mang was managing director at the United Bank for Africa, Sierra Leone, and Ofikulu was regional chief executive officer of UBA West Africa.
