CBN Shakes Up Leadership at Union, Keystone, and Polaris Banks

The Central Bank of Nigeria (CBN) has made swift changes to the leadership of Union, Keystone, and Polaris banks, just hours after dissolving their boards of directors. The move, announced in a statement by CBN’s Acting Director of Corporate Communications, Sidi Hakama, takes immediate effect.

In these changes, Yetunde Oni, the first female CEO of Standard Chartered Bank in Sierra Leone, takes the helm as the Chief Executive Officer of Union Bank. Mannir Ubali Ringim assumes the role of Executive Director at the tier-2 bank. Keystone Bank sees Hassan Imam as its new CEO, with Chioma Mang appointed as the Executive Director.

Polaris Bank welcomes Lawal Mudathir Omokayode Akintola as its Chief Executive Officer, and Chris Ofikulu as the Executive Director.

The decision to dissolve the boards of these banks came on Wednesday night, as the CBN cited serious breaches of financial laws. These infractions ranged from regulatory non-compliance and corporate governance failure to engaging in activities threatening financial stability.

The regulatory action, driven by the Financial Institutions Act of 2020, was prompted by the findings of a special investigation led by Jim Obazee, appointed by President Bola Tinubu in July 2023. The investigation accused former CBN Governor Godwin Emefiele of acquiring banks through proxies, specifically mentioning Union Bank of Nigeria for Titan Trust Bank Limited and Keystone Bank.

These changes mark a significant shake-up in the Nigerian banking sector, as the CBN takes decisive steps to address financial irregularities and ensure stability.