Following the Wednesday dissolution of the former board members, the Central Bank of Nigeria has appointed new board members for Union Bank, Keystone Bank, and Polaris Banks.
The Central Bank of Nigeria attributed the dissolution to corporate governance shortcomings and regulatory non-compliance. Additionally, the apex bank admitted to engaging in acts that put its financial stability in jeopardy.
A CBN statement states that the impacted banks have appointed a CEO and an executive director to manage the three institutions’ frameworks.
Along with Mannir Ubani Ringim, the bank’s new Executive Director, Yetunde Oni, a former CEO of Standard Chartered Bank, Sierra Leone, has been appointed to the role of CEO at Union Bank. Former Union Bank Managing Director/Chief Executive Officer (MD/CEO) Mudassir Amray is replaced by Oni.
Keystone Bank’s CEO is Hassan Imam, an Executive Director of Fidelity Bank’s North Directorate. The executive director of Keystone will be Chioma A. Mang. Olaniran Olayinka is replaced by Imam.
Chris Ofikulu will serve as executive director of Polaris Bank, while Lawal Mudathir Omokayode Akintola, a director of Sage Grey Finance Limited, will serve as the bank’s CEO.
The CBN states that the appointment is effective right away. These developments come weeks after Jim Obazee’s probe into the Central Bank under previous Governor Godwin Emefiele’s discovered dubious bank purchases.
