Central Bank Appoints New Boards For Union, Keystone, Polaris Banks, Gives Depositors’ Funds Assurance

The Central Bank Of Nigeria has appointed new executives for Union Bank, Keystone Bank, and Polaris Bank.

The appointments were posted on the apex bank’s website late Wednesday after the Central Bank dissolved the banks’ boards on Wednesday and are as follows

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

A statement by the acting Director corporate communications Sidi Ali Hakama says the appointments take immediate effect.
The Central Bank said the affecred banks infractions vary from regulatory non compliance, coporate governance failure disregarding the conditions under which their licenses were granted and involvement in activities that pose threats to financial stability.

The statement also highlighted the non compliance of the 3 banks and their boards with the provisions of section 12, c, f, g and h of the Banks and Other Financial Institutions Act 2020.
On depositors’ funds, the Central Bank said there was no cause for alarm, describing the nation’s banking system as strong and resilient.