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By Chinwendu Obienyi
After dissolving the Board and Management of Union Bank, Keystone Bank and Polaris Bank, the Central Bank of Nigeria (CBN) on Thursday, announced the appointment of new executives to oversee the affairs of the banks.
The dissolution came barely three weeks after the Special Investigator on the CBN and Related Entities, Jim Obazee, submitted its final report to President Bola Tinubu and is reportedly part of the implementation of the report of the special investigator.
Acting Director, Corporate Communications, CBN, Sidi Hakama, had in a statement, said the affected banks’ alleged infractions varied from regulatory non-compliance, corporate governance failure, disregarding of the conditions under which their licences were granted, and involvement in activities that posed a threat to financial stability, among others.
Hence, the apex bank said the dissolution of the boards became necessary due to the non-compliance of the banks and their respective boards with the provisions of the Bank and Other Financial Institutions Act, 2020.
However, the apex bank, in a statement obtained from its website, announced the appointment of Yetunde Oni, Hassan Imam and Lawal Akintola as Chief Executive Officers of the Union Bank, Keystone Bank and Polaris Bank, respectively.
It also noted that Mannir Ringim, Chioma Mang and Chris Ofikulu will be Executive Directors at the respective banks. The CBN said, “These appointments take immediate effect.’
