The Central Bank of Nigeria (CBN) has announced the appointment of new leaders for three Nigerian banks following the dissolution of their boards and managements. According to a statement by Hakama Sidi Alli, the acting director of corporate communications at the CBN, Yetunde Oni has been appointed as the new managing director/chief executive officer of Union Bank, with Mannir Ubale Ringim as the executive director.
Additionally, Hassan Imam has been named as the managing director and chief executive officer of Keystone Bank, with Chioma A. Mang appointed as executive director. For Polaris Bank, Lawal Mudathir Omokayode Akintola has been appointed as managing director/chief executive officer, and Chris Onyeka Ofikulu as executive director.
These appointments are effective immediately, as stated in the CBN’s announcement. While the central bank did not provide detailed biographies of the new appointees, a quick search reveals that Yetunde Oni was previously the managing director/chief executive officer at Standard Chartered Bank, Sierra Leone, and Hassan Imam served as an executive director at Fidelity Bank.
Lawal Mudathir Omokayode Akintola was an executive director at Sterling Bank before his new role at Polaris Bank, and Chioma A. Mang was previously the managing director at the United Bank for Africa, Sierra Leone. Chris Onyeka Ofikulu, the new executive director at Polaris Bank, was the regional CEO of UBA West Africa.
The CBN’s decision to dissolve the boards and management of Union Bank, Keystone Bank, and Polaris Bank was based on alleged non-compliance with certain provisions of the Banks and Other Financial Institutions Act, 2020. The regulator cited infractions such as regulatory non-compliance, corporate governance failures, disregard for licensing conditions, and involvement in activities posing a threat to financial stability as reasons for the dissolution. However, the CBN assured depositors and the public of the safety and security of their funds, emphasizing its commitment to maintaining a safe and robust financial system in Nigeria.
Premium Times