In a swift move following the dissolution of the boards of Polaris, Union, and Keystone banks, the Central Bank of Nigeria (CBN) has appointed a new cadre of executive directors to take charge of these financial institutions.
The CBN’s decisive action, aimed at rectifying infractions related to regulatory non-compliance, corporate governance failure, and potential threats to financial stability, has reshaped the leadership landscape of these banks.
A statement from the CBN, conveyed by acting Director of Corporate Communications, Sidi Hakama, announced the immediate appointments on Thursday morning.
Notably, Yetunde Oni, the first female CEO of Standard Chartered Bank in Sierra Leone, assumes the role of Chief Executive Officer at Union Bank, with Mannir Ubali Ringim joining as the Executive Director.
For Keystone Bank, Hassan Imam has been appointed as the Chief Executive Officer, while Chioma A. Mang takes on the position of Executive Director.
The executive leadership at Polaris Bank sees Lawal Mudathir Omokayode Akintola as the new Chief Executive Officer, and Chris Onyeka Ofikulu as the appointed Executive Director.
The CBN’s action, prompted by grave infringements of financial laws, is grounded in regulatory non-compliance, corporate governance lapses, and activities that potentially jeopardize financial stability.
This regulatory intervention stems from the Financial Institutions Act, 2020, with the CBN exercising its authority to dissolve the boards for non-compliance.
The move to restructure the leadership of these banks follows a recommendation by Special Investigator Jim Obazee, who was appointed by President Bola Tinubu in July 2023 to probe the activities of the CBN and relevant establishments.
The investigative report raised serious concerns about the former Governor of the apex bank, Godwin Emefiele, alleging that he acquired banks through proxies.
The report claims that Emefiele used proxies to acquire Union Bank of Nigeria for Titan Trust Bank Limited and Keystone Bank without verifiable evidence of payment.
This revelation, coupled with the broader issues identified in the investigation, triggered the CBN’s decisive actions to restore regulatory integrity and ensure adherence to financial laws in the banking sector.
