CBN appoints new managements for Union Bank, Polaris Bank, Keystone Bank

The Central Bank of Nigeria (CBN) has appointed new executives for Union Bank, Keystone Bank and Polaris Bank, following the dissolution of their boards on Wednesday.

A statement by the Director, Corporate Communications, Mrs. Sidi Ali, Hakama, late Wednesday, said the new appointment take immediate effect.

The apex bank had earlier cited infractions and “non-compliance with the provisions of Section 12(c), (f), (g), (h) of Banks and Other Financial Institution Act, 2020,” for the dissolving the boards.

“The decision to dissolve the boards was taken after a meeting between the CBN Governor, Yemi Cardoso, Obazee and the boards of the four banks including Titan Trust Bank’s investors who had earlier avoided meeting with the Special Investigator,” the statement said.

It announced as follows:“Board and Management of Union Bank, Keystone Bank and Polaris Bank on Wednesday, January 10, the CBN has appointed new executives to oversee the affairs of the bank.

“Union Bank , Yetunde Oni, Managing Director/Chief Executive Officer, Mannir Ubali Ringim, Executive Director.

“Keystone Bank, Hassan Imam Managing Director/ Chief Executive Officer, Chioma A. Many, Executive Director.

“Polaris Bank, Lawal Mudathir Omokayode Akintola, Managing Director/ Chief Executive Officer, Chris Onyeka Ofikulu, Executive Director.”

Persecondnews recalls that the Special Investigator had in December 2023 insisted that the Chairman of Titan Trust Bank (TTB), Mr Tunde Lemo, Mr Cornelius Vink and Rahul Savara must appear before it over the acquisition of the Union Bank of Nigeria.

The Investigator also rejected Lemo’s request for an extension of time for shareholders to prove their ownership of Titan Trust Bank.

Obazee insisted that Lemo and the others must appear at the meeting to prove that their acquisition of Union Bank followed due process or risked losing the financial institution to the federal government.