CBN appoints new executives for Union, Keystone, Polaris banks

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

This is contained in a statement by CBN’s Acting Director, Corporate Communications Department, Mrs Hakama Sidi-Ali in Abuja.

According to Sidi-Ali, Yetunde Oni is the new Managing Director/Chief Executive Officer (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,” Sidi-Ali said.

According to the News Agency of Nigeria (NAN), 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 alleged impropriety in the transactions behind the acquisition of Keystone Bank.

 (NAN)