CBN appoints new MD/CEOs for Union, Keystone, Polaris banks

The Central Bank of Nigeria, CBN, has appointed new executives for Keystone, Polaris and Union Banks, following dissolution of the board and management of the banks on Wednesday.

This was contained in a statement issued by CBN’s acting director, Corporate Communications Department, Hakama Sidi-Ali in Abuja.

According to Ms Sidi-Ali, Yetunde Oni is the new managing director/CEO 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 is executive director.

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

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 the former CBN governor, Godwin Emefiele of using two Dubai-based companies, Luxis International and Magna International, to set up Titan Trust Bank, TTB 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 also alleged impropriety in the transactions behind the acquisition of Keystone Bank.

(NAN)