Monday, September 8, 2025
27.6 C
Lagos

CBN Dissolves, Appoints New CEOs, EDs for Union, Keystone, Polaris Bank

The Central Bank of Nigeria (CBN) has dissolved the Board and Management of Union Bank, Keystone Bank and Polaris Bank.

The apex bank said the action became necessary due to the non-compliance of these banks and their respective boards with the provisions of Section 12(c), (f), (g), (h) of Banks and Other Financial Institutions Act, 2020. In the same vein, the CBN has equally appointed new chief executives and executive directors for the affected banks.

They are:

Yetunde Oni (CEO) and Mannir Ubali Ringim (ED) for Union Bank

Hassan Imam (CEO) and Chioma A. Mang (ED) for Keystone Bank

Lawal Mudathir Omokayode Akintola (CEO) and Chris Onyeka Ofikulu (ED) for Polaris Bank

The CBN stated further: “The Bank’s infractions vary from regulatory non-compliance, corporate governance failure, disregarding the conditions under which their licenses were granted, and involvement in activities that pose a threat to financial stability, among others. The CBN assures the public of the safety and security of depositors’ funds and remains resolute in fulfilling its mandate to uphold a safe, sound, and robust financial system in Nigeria. Our Banking system remains strong and resilient.”

spot_img
spot_img

Hot this week

Nigeria, Brazil Central Banks Deepen Economic, Financial Co-operation

Nigeria’s Central Bank Governor, Olayemi Cardoso, has held talks...

Ecobank Nigeria to Host Second Edition of Design & Build, Showcasing Premier Innovators in Design, Construction

Ecobank Nigeria, a subsidiary of the leading pan-African banking...

Expert: Fintech, Financial Inclusion Critical for Sustainable Growth of Nigerian Economy

A renowned economist, Dr. Biodun Adedipe, the Chief Consultant/CEO,...

Sterling Bank Marks One Year of Africa’s Groundbreaking Core Banking System

Number one Best Workplace in Banking in Nigeria and...

Topics

Royal Exchange Insurance Taps Oyetunji, Uyi, Alfred for Executive Positions

The Board of Royal Exchange General Insurance Company (REGIC)...

Red Star Express Restates Education Strategy, Awards Scholarships

Red Star Express Plc has restated the strategic importance of primary and grassroots education as a catalyst for overall economic growth and long term improvement of life. The Managing Director of Red Star Express, Mr. Sule Bichi made the comment at the scholarship Awards presentation ceremony at Unity Grammar School and Mafoluku Grammar School, as part of its Corporate Social Responsibility (CSR) in Lagos.

Let the DISCOs Die for Nigerians to Have Light

By Michael Owhoko, Ph.D The unending darkness permeating Nigeria today,...

Standard Chartered Bank to Sack 1,000 Senior Staff

Standard Chartered Bank, after persistent denials, has confirmed imminent sack of 1,000 senior staff to reduce cost, according to an internal memo sent to staff. The move was confirmed by Bill Winters, the CEO of Standard Chartered.

Govt, Telecoms Top Targeted Sectors for Cyber Attacks

In East Africa, governments are the top target sector...

Union Bank Advocates for Environmental Restoration, Commemorates World Environment Day 

Union Bank, one of Nigeria’s foremost financial institutions, has...

American Financial Group to Exit Lloyd’s

American Financial Group has reached a deal to unload...
spot_img

Related Articles

Popular Categories

spot_imgspot_img