Less than 12 hours after announcing the dissolution of the boards and management of Union Bank, Keystone Bank and Polaris Bank, the Central Bank of Nigeria (CBN) has set up interim management teams for Union Bank, Keystone Bank and Polaris Bank.
Their appointments take immediate effect, according to a statement signed by Hakama Sidi Ali (Mrs.), Ag. Director, Corporate Communications, CBN, dated Wednesday, January 10, 2024
For Union Bank, Yetunde Oni is the interim Managing Director, while Mannir Ubali Ringim is the Executive Director.
The interim managers for Keystone are Hassan Imam, who is the Managing Director and Chioma A Mang, who is appointed as the Executive Director.
For Polaris is Lawal Mudathir Omokayode Akintola as managing director and Chris Onyeka Ofikulu as the executive director.
The new management teams are to oversee the affairs of the three banks whose boards and management were dissolved after a meeting between them, the Special Investigator, Jim Obazee, and the CBN governor, Olayemi Cardoso.
An earlier statement by Sidi Ali disclosed that the boards and management of the three financial institutions were dissolved “due to the non-compliance of these banks and their respective boards 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.
It added “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.”
