The Central Bank of Nigeria (CBN) has appointed new management teams for three Nigerian banks whose boards and managements were dissolved on Wednesday.
The Acting Director of Corporate Communications of the apex bank, Hakama Sidi Alli in a statement late Wednesday, named Yetunde Oni as the new Managing Director/Chief Executive Officer of Union Bank and Mannir Ubale Ringim as Executive Director.
Hassan Imam was appointed Managing Director and Chief Executive Officer of Keystone Bank while Chioma A. Mang will serve as Executive Director of the bank.
A new leadership team was also announced for Polaris Bank, with Lawal Mudathir Omokayode Akintola appointed Managing Director/Chief Executive Officer and Chris Onyeka Ofikulu named Executive Director.
The appointments take immediate effect, the CBN statement said.
NewsClick Nigeria reports that the CBN had earlier on Wednesday dissolved the board and management of Union Bank, Keystone Bank and Polaris Bank due to what it described as their “non-compliance 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,” the regulator said.
