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As The Bank Boards Of Keystone, Polaris And Union Get Axed By CBN, New Management Teams Promptly Take Their Place

The Oasis Reporters


January 11, 2024






The Central Bank of Nigeria (CBN) has promptly put in place new management teams for the three Nigerian banks whose boards and managements were dissolved on Wednesday.

In a statement late Wednesday, Hakama Sidi Alli, the acting director of corporate communications at the CBN, named Yetunde Oni as the new managing director/chief executive officer of Union Bank and Mannir Ubale Ringim as executive director.

Also named is Hassan Imam, who will take the helm as managing director and chief executive officer of Keystone Bank. Chioma A. Mang will serve as executive director of the bank.

A new leadership team was also announced for Polaris Bank, with Lawal Mudathir Omokayode Akintola appointed managing director/chief executive officer and Chris Onyeka Ofikulu named executive director.

The appointments take immediate effect, the CBN statement said.

The central bank did not provide biographies of the new appointees. Still, a quick web search by PREMIUM TIMES shows that Yetunde Oni (Union Bank) was until her appointment the managing director/chief executive officer at Standard Chartered Bank, Sierra Leone, while Hassan Imam (Keystone Bank) served as an executive director at Fidelity Bank.

Omokayode Mudathir Akintola Lawal, the new man in charge of Polaris Bank, was executive director at Sterling Bank and was until his new appointment the CEO at Lagos-based Intermediate Equity Partners Ltd.

The new executive director at Union Bank, Mannir Ubale Ringim, was deputy general manager/ regional bank head, North West 1 at Fidelity Bank. In contrast, Chioma A. Mang, the new executive director at Keystone Bank, served as managing director at the United Bank for Africa, Sierra Leone. Chris Onyeka Ofikulu, who takes office as executive director at Polaris Bank, was regional CEO of UBA West Africa.

The CBN had earlier on Wednesday dissolved the board and management of Union Bank, Keystone Bank and Polaris Bank due to what it described as their “non-compliance 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,” the regulator said while also assuring depositors and the public of the safety and security of their funds.

The CBN also restated its resolve to uphold a safe, sound, and robust financial system in Nigeria, saying the banking system of Africa’s largest economy remains strong and resilient.

Main Report: Premium Times

Greg Abolo

Blogger at The Oasis Reporters.

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