CBN Dissolves Boards and Management, Citing Regulatory Non-Compliance and Governance Failures
In a significant move, the Central Bank of Nigeria (CBN) has taken decisive action by appointing new executives to oversee the operations of Union, Keystone, and Polaris Banks, following the dissolution of their respective boards and management. The decision, approved by CBN Governor Olayemi Cardoso, comes in the wake of a comprehensive report submitted by a special investigator panel probing the apex bank.
CBN Appoints New Executives for Union Bank, Keystone Bank, and Polaris Bank pic.twitter.com/w6PITD4ySL
— Central Bank of Nigeria (@cenbank) January 10, 2024
CBN’s Acting Director of Corporate Communications, Mrs. Hakama Sidi-Ali, confirmed the appointments in a statement, emphasizing that the changes take immediate effect. The move follows a thorough examination by the special investigator panel, which uncovered a range of infractions by the three banks and their boards, leading to concerns about regulatory non-compliance, corporate governance failures, and a disregard for the terms under which their licenses were granted.
Sidi-Ali highlighted that the activities of the affected banks’ managements posed a threat to financial stability, necessitating the swift action taken by the CBN. The dissolution of the boards and management is a response to their failure to adhere to the provisions of the Banks and Other Financial Institutions Act, 2020.
Press Release: CBN Dissolves the Board and Management of Union Bank, Keystone Bank and Polaris Bank pic.twitter.com/HJmPs8bESD
— Central Bank of Nigeria (@cenbank) January 10, 2024
The special investigator panel, led by Jim Obazee, has recommended the forfeiture of the affected banks to the Federal Government. The report has been submitted to President Bola Tinubu.
New Executives Appointed:
Union 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 appointment of these new executives signals the CBN’s commitment to restoring stability and compliance within the banking sector, emphasizing a renewed focus on regulatory adherence and corporate governance.
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