Following Dissolution Of Union, Keystone, And Polaris Banks Executives, CBN Appoints New Officials

Following the dissolution of their boards on Wednesday, January 10, the Central Bank of Nigeria (CBN) has appionts new bank executives for Union, Keystone, and Polaris Banks.

The apex bank stated in a statement that it dissolved the banks’ boards due to their non-compliance with the terms of Section 12(c), (f), (g), and (h) of the Banks and Other Financial Institutions Act (BOFIA) 2020, implying a threat to the system’s financial stability.

The CBN then announced the appointment of new officials to manage bank operations.

Yetunde Oni is the new Managing Director/Chief Executive Officer of Union Bank, and Mannir Ubali Ringim is the new Executive Director.

The CBN also named Hassan Imam as Managing Director/CEO of Keystone Bank and Chioma Mang as Executive Director.

Lawal Mudathir Omokayode Akintola takes over as Managing Director/CEO of Polaris Bank, with Chris Onyeka Officer serving as Executive Director.

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The appointments are effective immediately.

On the other hand, the CBN assured the public of the safety and security of depositors’ cash and stated that it is committed to upholding Nigeria’s safe, sound, and robust financial system.

It went on to say that Nigeria’s banking system was still strong and resilient.