CBN appoints new executive directors for Union, Keystone, Polaris Banks

According to the CBN, the new executive officers will now oversee the affairs of the banks.

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CBN appoints new executive directors for Union, Keystone, Polaris BanksThe Central Bank of Nigeria has announced the appointment of new executive directors for Union Bank, Keystone Bank, and Polaris Bank. This is following the dissolution of the board of the banks on Wednesday.

The acting director of Corporate Communication, Sidi-Ali Hakama, made this disclosure in a circular dated January 10, 2024.

According to the CBN, the new executive dirsctors will now oversee the affairs of the banks.

In addition, the apex bank noted that the appointment will take effect immediately.

No cause for alarm in banks, CBN assures depositors

The CBN said, “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

The Central Bank of Nigeria (CBN) had earlier dissolved the boards and management of Union Bank, Keystone Bank, and Polaris Bank.

Mrs Hakama Sidi-Ali, Acting Director, Corporate Communications Department of the CBN, disclosed this in a statement on Wednesday in Abuja.

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According to Sidi-Ali, this action became necessary due to the non-compliance of the three banks and their respective boards with the provisions of Banks and Other Financial Institutions Act, 2020.

She said that the banks’ infractions varied from regulatory non-compliance, corporate governance failure, and disregarding the conditions under which their licenses were granted.

She said that the managements of the affected banks also got involved in activities that posed a threat to financial stability.

“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,” she said.

How it started

In December 2023, the Special CBN Investigator, Jim Obazee, summoned Titan Trust Bank’s (TTB) chairman, Babatunde Lemo, for questioning regarding TTB’s acquisition of Union Bank of Nigeria Plc (UBN). 

Obaze in his report had insisted that the acquisition of Union Bank by Titan Bank lacked transparency and recommended that the two financial institutions be forfeited by the Federal government.

Obaze said, “We were able to secure some documents, and the investigation reports will lead to the forfeiture of the two banks to the Federal Government. We have completed our investigation on this acquisition and have also held meetings with the relevant parties except for Mr. Cornelis Vink, (who is currently hospitalised in Switzerland).

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“Otherwise, we are on the verge of recovering these two banks for the Federal Government.”