CBN Appoints New MDs, Directors for Union, Keystone, Polaris Banks

Agency Report/

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

The latest appointments followed the dissolution of the board and management of the banks on Wednesday.

This was revealed in a statement issued by CBN’s Acting Director, Corporate Communications Department, Hakama Sidi-Ali, in Abuja.

According to Sidi-Ali, Yetunde Oni is the new Managing Director/Chief Executive Officer of Union Bank, while Mannir Ringim is the new Executive Director of the bank.

She said for Keystone Bank, Hassan Imam had been appointed as the new Managing Director/CEO, while Chioma Mang was the new Executive Director.

She said Lawal Akintola was also appointed as Managing Director/CEO of Polaris Bank, and Chris Ofikulu as Executive Director.

“The appointments take immediate effect,” Sidi-Ali added.

The News Agency of Nigeria reports that the decision to dissolve the board and management of the three banks and appoint new ones comes after the special investigator panel probing the CBN turned in its report

The report had accused a former CBN Governor, Godwin Emefiele, of using two Dubai, United Arab Emirates-based companies: Luxis International and Magna International, to set up Titan Trust Bank as proxies for the acquisition of Union Bank.

The panel, led by Jim Obazee, on December 24, 2023, summoned Babatunde Lemo, Chairman of TTB, over the institution’s acquisition of Union Bank.

It also alleged impropriety in the transactions behind the acquisition of Keystone Bank.

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