L-R. Imam, Oni and Akintola

Hours after the dissolution of the Board and Management of Union Bank, Keystone Bank and Polaris Bank, the Central Bank of Nigeria (CBN), on Wednesday, appointed new executives to oversee the affairs of the three banks.

The apex bank, in a statement by its spokesperson, Sidi Hakama, announced Yetunde Oni as the Managing Director and Chief Executive Officer of Union Bank while Mannir Ringim was appointed as the bank’s Executive Director.

Hassan lmam now heads Keystone Bank as the Managing Director and Chief Executive Officer with Chioma Mang as the Executive Director.

For Polaris Bank, Lawal Akintola was appointed as the Managing Director and Chief Executive Officer with Chris Ofikulu as the Executive Director.

The apex bank said the appointments take immediate effect.

The new appointments followed the sacking of the boards of the three banks by the apex bank.

The CBN said the action was 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”.

The regulatory authority said the banks’ infractions varied from “regulatory non-compliance, corporate governance failure, disregarding the conditions under which their licenses were granted, and involvement in activities that threaten financial stability, among others”.

Controversies & More

There had been speculations that the Federal Government would take over some banks after a report by CBN special investigator Jim Obazee indicting ex-bank chief Godwin Emefiele.

The apex bank, however, dismissed the conjectures, assuring depositors of their funds.

The Obazee panel later summoned the Chairman of Titan Trust Bank (TTB), Babatunde Lemo, and two supposed shareholders over the acquisition of Union Bank.

Obazee, appointed CBN Special Investigator in July 2023 by President Bola Tinubu, had alleged that Emefiele used proxies to set up two financial institutions.

In December 2021, 104-year-old Union Bank announced that it would be taken over by TTB. The new bank, which began operations in 2019, formalised the deal six months later with Lemo as the chairman. The deal was, however, drowned by controversy after fresh revelations emerged from the Obazee panel.