CBN Announces New Executives for Union, Keystone, Polaris Banks After Board Dissolution

Shortly after dissolving the boards of Polaris, Union, and Keystone banks, the Central Bank of Nigeria (CBN) has swiftly appointed new executive directors to oversee these deposit money banks. According to the CBN’s statement, Yetunde Oni, the first female CEO of Standard Chartered Bank in Sierra Leone, takes the helm as the Chief Executive Officer of Union Bank, with Mannir Ubali Ringim as the Executive Director. For Keystone Bank, Hassan Imam is appointed as its Chief Executive Officer, and Chioma Mang assumes the role of Executive Director. Lawal Mudathir Omokayode Akintola is named the Chief Executive Officer of Polaris Bank, with Chris Ofikulu as Executive Director. The CBN emphasized that these appointments are effective immediately. This move follows the dissolution of the boards due to infractions such as regulatory non-compliance, corporate governance failure, and activities threatening financial stability. The action aligns with the provisions of the Financial Institutions Act, 2020, following a special investigation into CBN’s activities.