The Central Bank of Nigeria (CBN) has dissolved the boards of three banks – Union Bank, Keystone Bank and Polaris bank with immediate effect.
According to the apex regulatory bank via a press release seen on X and signed by acting Director, Corporate Communications Mrs Hakama Sidi Ali, the “action became necessary due to the non-compliance of these banks and their respective boards with the provisions of Section12(c),,(f), (g), (h) of Banks and Other Financial Institutions Act, 2020. The Bank’s infractions vary from regulatory non-compliance, corporate governance failure, disregarding the conditions under which their licenses weree granted, and involvement in activities that pose a threat to financial stability, among others.”
All these dismissals are not unconnected to the special investigation report on the CBN ordered by the Tinubu-led administration into the financial and legal irregularities within the Central Bank of Nigeria (CBN) under the leadership of Godwin Emefiele.
The accusations levied against Union Bank has to do the rather quick conclusion of Titan bank’s acquisition of Union Bank of Nigeria Plc (UBN) while that of Polaris Bank has to do with the allegation that another party made a higher purchase offer during the sale of the bank compared to the offer that was eventually accepted by the central bank.
In the light of these board dismissals, the Central Bank has appointed the following persons:
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
These appointments take immediate effect
