CBN Names New Executives for Union, Keystone, Polaris, Lists Crimes Committed by Banks
- The Central Bank of Nigeria has made new appointments in Polaris, Union, and Keystone banks, effective immediately
- This followed an earlier report that the board of directors of the affected banks, alongside Titan Trust Bank, was sacked
- The CBN listed violating the terms of their licenses, among other offences committed by the affected banks
Legit.ng journalist Zainab Iwayemi has over three years of experience covering the Economy, Technology, and Capital Market.
The Central Bank of Nigeria (CBN) has appointed new executive directors to oversee the affairs of three deposit money banks; Polaris Bank, Union Bank, and Keystone Banks, over the infringements of financial laws.
Source: UGC
This comes after the apex bank fired the entire board of directors of Polaris, Titan, Union, and Keystone Banks.
New appointment effective immediately
According to a statement signed by Sidi Hakama, the acting director of corporate communications of CBN, on Thursday morning, the appointment takes effect immediately.
It stated that, among other things, the banks' violations included failing to follow corporate governance guidelines, violating the terms of their licenses, and engaging in operations that may have jeopardised the financial system's stability.
The new appointees
The Punch reported that Yetunde Oni, the first female CEO of the Standard Chartered bank in Sierra Leone, was named Chief Executive Officer of Union Bank, while Mannir Ubali Ringim was named the Executive Director of the tier-2 bank.
Hassan Imam was named Chief Executive Officer of Keystone Bank, and Chioma Mang was named Executive Director.
The CBN also named Chris Ofikulu Executive Director and Lawal Mudathir Omokayode Akintola Chief Executive Officer of Polaris Bank.
The CBN statement reads:
“Following the dissolution of the Board and Management of Union Bank, Keystone Bank, and Polaris Bank on Wednesday, January 10, the CBN has appointed new executives to oversee the affairs of the banks;
“Union Bank: Yetunde Oni – Managing Director/Chief Executive Officer Mannir Ubali Ringim – Executive Director
“Keystone Bank: Hassan Imam – Managing Director/ Chief Executive Officer Chioma A. Mang – Executive Director.
“Polaris Bank: Lawal Mudathir Omokayode Akintola – Managing Director/ Chief Executive Officer Chris Onyeka Ofikulu – Executive Director
Investigation reveals more
In a recent development, President Bola Tinubu, through the Economic and Financial Crimes Commission (EFCC), moved to unveil the alleged fraudulent foreign exchange that crippled the naira against the dollar during the time of Godwin Emefiele as governor of the CBN.
According to The Punch, the anti-graft agency had written to more than 85 entities, including corporate organisations and individuals, over its ongoing investigation into the allegation that fraudulent foreign exchange rates were rampant under the embattled ex-CBN governor.
It was learned that discoveries in the current probe of forex transactions under Emefiele's reign could be included in the amended charges against the embattled former CBN governor.
Nigerian bank allegedly owned by Emefiele opens up on relationship with Union Bank
Legit.ng earlier reported that Titan Trust Bank, on Saturday, December 23, 2023, reacted to the special investigative report by the Jim Obazee-led panel into the activities of the CBN under Emefiele.
The company claimed there was no fraud in the acquisition of Union Bank.
Obazee submitted the report of his investigation into the acquisition of Union Bank and Keystone Bank to Tinubu in two letters dated December 20, 2023.
The investigation report had accused the former CBN boss of using fronts to acquire Union Bank for Titan Trust Bank Limited and Keystone Bank without evidence of payment.
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Source: Legit.ng
