CBN Appoints New Leadership For Union, Keystone, And Polaris Banks


The Central Bank of Nigeria (CBN) has taken decisive action by dissolving the boards and management of Union Bank, Keystone Bank, and Polaris Bank. The move follows a meeting where the apex bank addressed regulatory non-compliance, corporate governance failures, and other infractions committed by the banks.

In response to the shake-up, Yetunde Oni assumed the role of Managing Director/Chief Executive Officer at Union Bank, accompanied by Mannir Ubali Ringim as Executive Director. Meanwhile, Keystone Bank welcomes Hassan Imam as the new Managing Director/CEO, with Chioma A Mang appointed as Executive Director. For Polaris Bank, Lawal Mudathir Akintola steps into the role of Managing Director/CEO, and Chirs Onyeka Ofikulu takes on the position of Executive Director.

The appointments, effective immediately, came as the CBN assures the public of the safety and security of depositors’ funds, emphasising its commitment to maintaining a robust financial system in Nigeria. The dissolution was deemed necessary due to non-compliance with the Banks and Other Financial Institutions Act, 2020, involving regulatory breaches, corporate governance lapses, and activities posing a threat to financial stability.

The move also aligns with the findings of a special investigator, Jim Obazee, appointed by President Bola Ahmed Tinubu, which recommended the Federal Government’s intervention in the case of Union Bank. The investigator alleged connections between the bank’s ownership and former CBN Governor Godwin Emefiele. The CBN remains silent on nationalisation and emphasises the resilience of the banking system.




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