The Central Bank of Nigeria swiftly acted, dissolving the boards of Polaris, Union, and Keystone banks, appointing new executives to take charge.
In a statement by the acting Director of Corporate Communications, Sidi Hakama, Yetunde Oni became the CEO of Union Bank, while Mannir Ubali Ringim took the role of Executive Director.
Hassan Imam assumed the position of CEO for Keystone Bank, with Chioma Mang as Executive Director.
Lawal Mudathir Omokayode Akintola became CEO of Polaris Bank, and Chris Ofikulu took on the role of Executive Director.
The appointments, effective immediately, followed the apex bank’s decision to dismiss the entire boards of the banks for various infractions, ranging from regulatory non-compliance to corporate governance failure.
This action, rooted in the Financial Institutions Act of 2020, came after a special investigation recommended by President Bola Tinubu in July 2023, revealing alleged irregularities in the acquisition of banks by former CBN Governor Godwin Emefiele through proxies.
