Following the sacking of the entire board of Union Bank, Keystone Bank and Polaris Bank on Wednesday, the Central Bank of Nigeria (CBN) has appointed new chief executives to pilot the affairs of the affected banks.
In a statement by Mrs Sidi Ali, Hakama, the acting director of Corporate Communication of CBN, on the apex bank’s verified X handle @cenbank on Thursday morning disclosed that the newly appointed executives are to assume their roles with immediate effect.
According to the statement, Yetunde Oni, who held sway as the first female CEO of the Standard Chartered bank in Sierra Leone, was appointed as the Managing Director/Chief Executive Officer of Union Bank, while Mannir Ubali Ringim was selected as the Executive Director of the bank.
For Keystone Bank, Hassan Imam was appointed as its Managing Director/Chief Executive Officer, while Chioma Mang got the position of Executive Director.
Also, the apex bank appointed Lawal Mudathir Omokayode Akintola as the Managing Director/Chief Executive Officer of Polaris Bank and Chris Ofikulu as its Executive Director.
Chris Afikulu, a first-class Mathematician was also appointed as new Executive Director of Polaris bank.
Chris brings over thirty (30) years of banking expertise to the table, with twenty-eight (28) years dedicated to Business Development.
Similarly Chioma Mang, a lawyer and experienced banker was appointed by the CBN as the Executive Director of Keystone Bank.
She is a Nigerian lawyer and corporate executive and assumed the role of managing director and chief executive officer at United Bank for Africa Uganda Limited in December 2020.
Before this, she held the position of managing director and CEO at the United Bank for Africa’s subsidiary in Gabon.
She was admitted to the Nigerian Bar in 1990 and commenced her career at Midas Merchant Bank. Later, she transitioned to Chartered Bank, contributing to marketing and operations.
The CBN statement read, “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, the appointments take immediate effect,” the statement added.
It would be recalled that on Wednesday night, the apex bank sacked the entire board of four banks for grievous infringements of financial laws.
It said the banks’ infractions vary from regulatory non-compliance, corporate governance failure, disregarding 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, in the exercise of its regulatory powers, 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 Financial Institutions Act, 2020.
However, CBN statement is silent on Titan Trust Bank, even though the bank has reportedly acquired Union Bank.
The special investigator had given Titan Trust Bank and Union Bank investors a December 28, 2023 deadline to present themselves before its panel.
However, the lender through their lawyer, Gbolahan Elias QC, SAN, had asked for extension of the meeting to January 7, 2024.
Titan Trust Bank Limited was established on the 12th of December, 2018 and obtained its national banking license on the 26th of April 2019, to operate as a commercial bank with national authorisation.
Polaris Bank was set up by the CBN on September 21, 2018, to offer commercial banking services to the Nigerian public. The bank commenced services on the same day, having purchased the assets, and assumed certain of the liabilities, of the defunct Skye Bank.
Keystone Bank is a full-service commercial bank wholly owned by the Asset Management Corporation of Nigeria and was granted a banking licence on August 5, 2011, by the CBN. Keystone Bank was acquired by a special-purpose vehicle.
