CBN Sacks Board and Appoints New Executives for Union Bank, Keystone, and Polaris

The Central Bank of Nigeria (CBN) has appointed new executives to direct the affairs of Union Bank, Keystone Bank, and Polaris Bank after sacking the former managing directors. This development unfolds against the backdrop of the ongoing scandal involving Emefiele’s alleged acquisition of banks through proxies.

President Bola Tinubu’s special investigations committee, led by Jim Obazee, accused former CBN governor Godwin Emefiele of using “ill-gotten wealth” to acquire Union Bank and Keystone Bank through proxies. A late friend of former President Buhari was also indicted in the acquisitions of Keystone and Polaris banks. The report recommended the forfeiture of the banks to the federal government.

In a meeting in Abuja led by CBN Governor Yemi Cardoso, the decision was made to remove the entire Board of Directors of Polaris, Titan, Union, and Keystone Banks. Following the meeting on Wednesday, the CBN released a public notice to announce the dissolution of the boards.

As a result of the dissolution, the CBN has appointed new executives to oversee the bank’s affairs. Yetunde Oni is appointed Managing Director/CEO of Union Bank, with Mannir Ubali Ringim as Executive Director. Keystone Bank sees Hassan Imam taking the role of Managing Director/CEO, accompanied by Chioma A. Mang as Executive Director. Polaris Bank’s new leadership comprises Lawal Mudathir Omokayode Akintola as Managing Director/CEO and Chris Onyeka Ofikulu as Executive Director.

While investigations continue, the new appointments are to be effective immediately.

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