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.”
