A few hours after the dissolution of the board of directors governing Polaris, Union, and Keystone banks, the Central Bank of Nigeria has appointed new executive directors to oversee the affairs of the deposit money banks.

The CBN revealed this in a statement signed by the acting director of Corporate Communication, Sidi-Ali Hakama on Wednesday.

The apex bank noted that the appointment will take effect immediately.

What the CBN said:

“Following the dissolution of the 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 banks;

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. Mang – Executive Director.

Polaris Bank:
Lawal Mudathir Omokayode Akintola – Managing Director/ Chief Executive Officer Chris Onyeka Ofikulu – Executive Director

Earlier, Business Insider Africa reported that the Central Bank of Nigeria officially dissolved the Board and Management of three banks.

According to the apex bank, the implicated banks and their respective boards violate certain provisions of the Banks and Other Financial Institutions Act, 2020, leading to this decision.

The central bank also noted that the banks’ transgressions ranged from regulatory non-compliance and corporate governance failure to engagement in activities posing a threat to financial stability.

Source: BI