Why CBN Replaces Management of Union Bank, Keystone Bank and Polaris Bank
By Wale Abydeen/LAGOS// The Central Bank of Nigeria (CBN) has dissolved the Board and Management of Union Bank, Keystone Bank, and Polaris Bank. A statement by CBN Ag. Director of Corporate Communications, Sidi Ali Hakama details reason behind the desolution.
The CBN stated that this action became necessary due to the non-compliance of these banks and their respective boards 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 CBN assures the public of the safety and security of depositors’ funds and remains resolute in fulfilling its mandate to uphold a safe, sound, and robust financial system in Nigeria. Our Banking system remains strong and resilient.
Following the desolution however, the apex bank Appoints New Executives for the trio of Union Bank, Keystone Bank, and Polaris Bank
Yetunde Oni – Managing Director/Chief Executive Officer
Mannir Ubali Ringim – Executive Director
Keystone Bank
Hassan Imam – Managing Director/ Chief Executive Officer
Chioma A. Mang – Executive Director
Polaris Bank
Lawal Mudathir Omokayode Akintola – Managing Director/ Chief Executive Officer
Chris Onyeka Ofikulu – Executive Director
The appointments take immediate effect.
About Author
